Pleo Secures €40M Debt Facility from HSBC

Pleo, a leading B2B spend management fintech, has secured a €40 million debt financing facility from HSBC Innovation Banking UK, a subsidiary of HSBC Group. This capital infusion will support Pleo’s ongoing efforts to expand its business spend management platform across Europe.

Founded in 2015 by Jeppe Rindom and Niccolo Perra, Pleo provides businesses with a comprehensive platform for managing company expenses and credit card usage. The fintech’s services enable employees to make business-related purchases while allowing finance teams to maintain oversight and control over company spending. Pleo’s platform offers features such as bookkeeping, invoice payments, email synchronisation, subscription management, direct reimbursement, and spend categorization.

The new funding will allow Pleo to offer greater financial flexibility to businesses, increase credit limits, and extend its reach into new markets and currencies. Currently, Pleo’s credit solutions are used in Germany, Sweden, and the UK, and were recently launched in Denmark. The company plans to expand its credit offerings further across Europe, with the Netherlands as the next target market for rollout in the coming weeks.

Amit Kahana, Pleo’s VP of Credit and Treasury, indicated that the debt financing could be extended as needed, allowing the company to continue expanding its credit services and geographical reach. He stated that this facility will help Pleo “expand our existing reach even further into more countries.”

This debt facility follows Pleo’s successful $200 million Series C funding round in 2021. The fintech has also undergone recent leadership changes, with Søren Westh Lonning joining as the company’s new chief financial officer (CFO) in December 2023.

With this new financial backing from HSBC, Pleo is well-positioned to accelerate its growth across Europe and provide businesses with more robust tools for managing their spending and financial operations.