Pleo undertakes a fresh round of job cuts, around 50 layoffs

The latest layoffs, which happened last week, affected Pleo’s “Offering” teams, including product, tech, design, and data roles. Most of the impacted employees worked in engineering and data, with some senior-level roles also affected, according to sources.

It is understood that around 300 people were working across Pleo’s “Offering” teams before the layoffs. The job cuts affected employees in Pleo’s key markets, including Denmark, the UK, and Germany, according to sources.

Pleo also carried out layoffs in 2022, reducing its workforce by about 15%. Founded in Copenhagen in 2015 by fintech veterans Jeppe Rindom and Niccolo Perra, Pleo now employs more than 800 people. The company has raised over $430 million in funding and offers spend management tools for European businesses, including company cards, expense management, credit, and treasury products.

In 2021, Pleo, backed by Creandum and Seedcamp, raised $150 million at a $1.7 billion valuation. Six months later, it raised another $200 million at a $4.7 billion valuation.

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However, last year, investor Kinnevik reduced the value of its stake, implying a valuation of about $1.62 billion for Pleo. The company says more than 40,000 businesses use its services.

“They are designed to strengthen focus, simplify decision-making, and accelerate product delivery for customers, while reflecting the increasing role of new technologies in how product and technology teams operate.”

A spokesperson for Pleo said: “Pleo has been undergoing significant transformation over the past year to ensure we continue our growth journey as a leader in spend management in Europe.

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