Funding

Pleo funding news – Spend Management Platforms Pleo Secures €40 Million in Debt Funding

May 4, 2024 | By Startup Rise EU

London-based spend management platforms Pleo secures €40 million in debt funding from HSBC Innovation Banking UK, the specialist financial partner for the innovation economy.

SUMMARY

  • London-based spend management platforms Pleo secures €40 million in debt funding from HSBC Innovation Banking UK.
  • It enables Pleo to offer higher credit limits to even more customers, providing greater flexibility in financial options available to them.

London-based spend management platforms Pleo secures €40 million in debt funding from HSBC Innovation Banking UK, the specialist financial partner for the innovation economy.

The deal enables Pleo to offer higher credit limits to even more customers, providing greater flexibility in financial options available to them. This, in turn, helps Pleo to unlock new customers in new markets and currencies.

With it’s overdraft facilities already in use across Sweden, Germany, the UK and a recent launch in Denmark, the fintech unicorn will use the debt financing facility to drive further growth across Europe - starting with overdraft facilities being rolled out to the Netherlands over the coming weeks.

Read also - [FUNDING NEWS] Green Hydrogen Company Stargate Hydrogen Secures €42 Million in Seed Funding

Over the last six months, the average company has seen 6% of their total transactions fail due to insufficient funds. It’s partnership with HSBC Innovation Banking will alleviate such pain points and boost its credibility in the market - fuelling further growth in what has already been an impressive period for the company.

Amit Kahana, VP of Credit and Treasury at Pleo, explained: “We are delighted to announce our partnership with HSBC Innovation Banking. Starting at €40 million, the debt financing available to us can extend based on future requirements - which will expand our existing reach even further into more countries, enable us to increase limits and offer more currencies. Beyond this milestone partnership and imminent launch in the Netherlands, we are expecting to see exciting developments over the coming 12 months as we prepare to launch in even more markets.”

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Conor Sheehy, Managing Director, Head of Warehouse Finance, HSBC Innovation Banking UK adds: ”This transaction demonstrates HSBC Innovation Banking’s capabilities to provide multi-currency, multi-jurisdictional facilities to support leading credit originators launching new and innovative products. We are proud to be providing Pleo with this facility and look forward to supporting them to continue on their global growth trajectory.”

This latest news from Pleo comes alongside confirmation that Søren Westh Lonning has officially joined the company as CFO. Announced back in December, Søren’s appointment brings over 20 years of financial leadership experience to complement the existing leadership team at Pleo.

About Pleo

Pleo is a smart business spending solution for forward-thinking teams. Their intelligent company card gives thousands of companies autonomy across Europe. With features including subscription management, spend categorisation, invoice payments, email synching and direct reimbursement.

It is used by over 30,000 companies, transforming their business spend giving finance teams real-time visibility and making everyone feel valued at work. Pleo was founded in Copenhagen in 2015 by fintech veterans Jeppe Rindom and Niccolo Perra, both serial entrepreneurs with years of experience building successful financial products.

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