Danish b2b cost management platform Pl …

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The startup’s valuation tripled in six months and reached $4.7 billion.

Danish financial management platform developer Pleo raised $200 million in a Series C funding round, bringing the company’s valuation to $4.7 billion.

  • The round was led by investment firm Coatue Management. Alkeon Capital, two US investment firms and existing investors were also in attendance, according to the press release.

  • It should be noted that in July, the startup had already held a Series C round and raised $150 million. Later investors estimated Pleo at $1.7 billion. The first part of the round was led by venture capital firm Bain Capital Ventures and investment firm Emerging Capital. Considering the new chapter, the total amount raised by the startup is $428 million, according to Crunchbase.

Source: Crunchbase.
  • Pleo was founded in 2015. The startup platform helps companies manage employee expenses, issue virtual and plastic cards, and issue invoices and keep records. More than 20 thousand companies in Denmark, Sweden, UK, Germany and Spain have become Pleo customers.

  • The funds raised will be used to expand the company into 15 European markets, founder Jeppe Rindom told TechCrunch. In particular, Pleo is preparing to launch in Finland, Austria, Portugal, the Netherlands and France.

  • The new round will allow Pleo to launch new platform services, including lending, the CEO told media.

  • The startup is also considering an M&A deal and plans to double its 400 team.

Source: Pleo.
  • Fintech companies in the UK are competing for startups in the European SME cost management market, UK Payhawk, Soldo and Revolut Business.

Recall that this week the American platform for automation of accounts payable Tipalti raised $270 million.

Read also: In 2021, European start-ups are attracting a tremendous amount of investment.

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