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- Pleo
Pleo Revenue, Valuation, Funding & Investors
Pleo is valued at $4.7B as of December 2021, a 47.0x multiple on its last reported $100M revenue.
Last Pleo valuation
$4.7B
Series C · Dec 2021
Last Pleo funding round
$200M
Series C · Dec 2021
Pleo revenue
$100M
Series C · Dec 2021
Key investors in Pleo
Founders
Creandum
Seedcamp
Kinnevik
Stripes
Bain Capital Ventures
About Pleo
Pleo is a Copenhagen-headquartered spend management platform founded in 2015 for European businesses. The app automates expense tracking, reporting, and approvals for teams, integrating with accounting software like Xero and QuickBooks. Available in multiple countries including the UK, Germany, and France, Pleo issues corporate cards and handles reimbursements for SMBs.
Founded
2015
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$100M (Dec 2021)
Valuation
$4.7B (Dec 2021)
Pleo Valuation
Pleo is currently valued at $4.7B, based on its Series C in December 2021.
The $200M round was led by Coatue, with participation from Creandum, Seedcamp, Kinnevik, Bain Capital Ventures, Thrive Capital and 3 other investors.
Pleo's valuation has grown 10x from $450M at its Series B in May 2019 to $4.7B in December 2021, across 3 priced rounds.
Pleo valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Dec 2021 | Series C | $4.7B | 47.0x |
| Jul 2021 | Series C | $1.7B | - |
| May 2019 | Series B | $450M | - |
Pleo Revenue
Pleo's latest recorded revenue is $100M, as of its Series C in December 2021. At a $4.7B valuation, that implies a 47.0x revenue multiple.
Pleo revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Dec 2021 | $100M | $4.7B | 47.0x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Pleo Funding History
Pleo has raised a total of $428M across 6 funding rounds.
Pleo's first fundraising round was a $600K seed round in May 2016. The most recent completed round was a $200M Series C in December 2021.
Pleo funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2021 | Series C | Coatue (lead); Creandum; Seedcamp; Kinnevik; Bain Capital Ventures; Thrive Capital; Founders; Alkeon Capital; Stripes | $200M | $4.7B | Pleo is a Danish fintech company founded in 2015 that provides expense management tools, smart company cards, and spend management solutions targeted at small and medium-sized businesses (SMBs). The platform enables real-time tracking and management of company-wide spending through mobile apps and payment cards, operating in countries including Denmark, Sweden, Germany, Spain, Ireland, and the UK. On December 8-9, 2021, Pleo extended its Series C funding round by $200 million, bringing the total raised in the round to $350 million following a $150 million raise in July 2021 at a $1.7 billion valuation. This extension was led by Coatue Management with participation from Alkeon Capital, and continued support from existing investors Bain Capital Ventures, Thrive Capital, Creandum, Kinnevik, Founders, Stripes, and Seedcamp. The new funding nearly tripled Pleo's post-money valuation to $4.7 billion, marking it as one of Europe's most valuable fintech startups and the largest spend management company in the region. Pleo reported over 20,000 customers at the time, including Budbee, Nodes, Tidler, Unity, Lyst, IDC, and Byron, with 3,000 new customers added since July and up to 1,000 new sign-ups monthly, accelerated by a freemium model launch. The company had around 400 employees and aimed to expand to over a dozen more European countries starting in 2022 with Finland, the Netherlands, France, and Portugal, while pursuing M&A, product enhancements like lending, and reaching one million engaged users by 2025. Funds were earmarked for European rollout, team doubling, product iteration from expense management to broader financial tools, and capitalizing on post-pandemic demand for efficient spend management amid tight finances. Coatue's Michael B. Gilroy highlighted Pleo's impact on redefining expense management for transparency and cost savings across Europe. |
| Jul 2021 | Series C | Bain Capital Ventures (lead); Thrive Capital (lead); Creandum; Seedcamp; Kinnevik; Founders; Stripes | $150M | $1.7B | Pleo is a Copenhagen-based financial platform for businesses founded in 2015 that provides smart corporate cards and software for managing business spending, including expense tracking, invoicing, and accounts payable automation. The company operates a hybrid revenue model combining interchange fees from card transactions (approximately 70% of revenue) with SaaS subscription fees (approximately 30%), creating both transaction-based growth and predictable recurring revenue. In July 2021, Pleo raised $150 million in its Series C round co-led by Bain Capital Ventures and Thrive Capital at a $1.7 billion post-money valuation. This represented significant momentum, as the company would reach a $4.7 billion unicorn valuation just five months later in December 2021 following a $200 million Series C extension led by Coatue Management. By 2024, Pleo had demonstrated substantial scaling with $59.4 million in revenue (up 56% from $38.0 million in 2023), serving over 40,000 European business customers. The company achieved a 65% ARR compound annual growth rate from 2020 to 2025, reaching EUR 164 million annualized recurring revenue in Q4 2025, with gross margins exceeding 80% and revenue churn below 1%, reflecting strong operational efficiency and customer retention. |
| May 2019 | Series B | Stripes (lead); Creandum; Kinnevik; Founders | $56M | $450M | - |
| May 2018 | Series A | Kinnevik (lead); Creandum; Seedcamp; Founders | $16M | - | Pleo is a Copenhagen and London-based fintech company offering smart company payment cards with individually set employee limits, combined with software and mobile apps for automatic receipt matching, real-time spend tracking and analysis, and integration with accounting software. The solution eliminates expense reports and automates bookkeeping for businesses. In May 2018, Pleo raised $16 million in a Series A round led by Kinnevik, with participation from Creandum, the Founders startup studio, Seedcamp, and Vækstfonden. The company had around 1,500 companies signed up at the time and operated in the UK and Denmark. Funds were earmarked for European expansion, hiring to accelerate product development, and addressing needs of larger organizations. |
| Feb 2017 | Seed | Creandum (lead); Seedcamp; Founders | $6M | - | Pleo is a Copenhagen and London-based fintech startup that provides company MasterCards with individually-assigned spending limits and integrated expense management software for businesses. The platform allows employees to make purchases with company cards while managers maintain full control over spending, and includes features for receipt management, expense tracking, and integration with accounting software. In February 2017, Pleo closed a $3.25 million funding round led by Creandum, bringing the total seed round to $5.5 million when combined with earlier seed funding. The round also included participation from early-stage investor Seedcamp and existing backer Founders, with Creandum partner Johan Brenner joining Pleo's board. At the time of the round, Pleo was available in the UK and Denmark, with plans to expand its UK team and develop new features around subscription payments and additional business software integrations. |
| May 2016 | Seed | Founders (lead); Speedinvest (lead); Alastair (Ali) Mitchell | $600K | - | - |
Who has invested in Pleo?
11 investors have backed Pleo across its funding rounds, including Founders, Creandum, Seedcamp, Kinnevik, Stripes and Bain Capital Ventures.
Lead investors include Coatue, Bain Capital Ventures, Thrive Capital, Stripes, Kinnevik and 3 other investors.
Pleo Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 6 | Lead | May 2016 | ||
| 5 | Lead | Feb 2017 | ||
| 4 | Participant | Feb 2017 | ||
| 4 | Lead | May 2018 | ||
| 3 | Lead | May 2019 | ||
| 2 | Lead | Jul 2021 | ||
| 2 | Lead | Jul 2021 | ||
| 1 | Participant | May 2016 | ||
| 1 | Lead | May 2016 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialPleo Competitors
Pleo competitors include listed companies like BILL.com and Corpay, and private ones like Jeeves, Tide, JD Digits and Ramp.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.7B | $34M | $4.1B | 2.4x | ||
| Private | $40M | - | $2.1B | 52.5x | ||
| Private | $225M | - | $1.5B | 6.7x | ||
| Private | - | - | $18B | - | ||
| Publicly listed | $4.5B | $2.4B | $27B | 6.8x | ||
| Private | $1.4B | - | $44B | 31.4x |
Pleo Public Comps
Pleo is still privately-owned, but its public comps include Paymentus, ServiceTitan, BILL.com, TOTVS, MonotaRO, WEX, Flywire, Money Forward, Vertex and Edenred.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.2B | $117M | 3.5x | 3.0x | 35.8x | 24.8x | |||
| $961M | ($86M) | 5.0x | 4.5x | (55.8x) | 25.5x | |||
| $1.7B | $34M | 2.4x | 2.4x | 116.2x | 10.3x | |||
| $1.1B | $318M | 3.9x | 3.2x | 13.7x | 12.1x | |||
| $2.1B | $340M | 2.9x | 2.6x | 18.1x | 16.6x | |||
| $2.7B | $992M | 2.2x | 2.1x | 6.0x | 4.8x | |||
| $623M | $45M | 3.0x | 2.6x | 41.8x | 11.9x | |||
| $324M | $55M | 6.8x | 5.8x | 39.7x | 34.4x | |||
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Common questions about Pleo
| When was Pleo founded? | Pleo was founded in 2015. |
| Where is Pleo headquartered? | Pleo is headquartered in Copenhagen, Denmark. |
| Is Pleo publicly listed? | No, Pleo is a private, VC-backed company. |
| What is Pleo's valuation? | Pleo was last valued at $4.7B in its Series C in December 2021. |
| How much funding has Pleo raised? | Pleo has raised $428M across 6 funding rounds. |
| What was Pleo's last funding round? | Pleo's last funding round was a $200M Series C in December 2021, led by Coatue. |
| Who are Pleo's investors? | Pleo's investors include Founders, Creandum, Seedcamp, Kinnevik, Stripes, Bain Capital Ventures, Thrive Capital, Alastair (Ali) Mitchell, Speedinvest, Coatue and 1 other. |
| What is Pleo's revenue? | Pleo's latest recorded revenue is $100M (December 2021). |
| What is Pleo's revenue multiple? | Pleo's latest valuation implies a 47.0x revenue multiple ($4.7B valuation on $100M of revenue). |
| Which companies are comparable to Pleo? | Companies comparable to Pleo include BILL.com, Jeeves, Tide, JD Digits, Corpay and Ramp. |
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