Pleo, a fintech specializing in B2B spend management, has secured a €40 million debt financing facility from HSBC Innovation Banking UK, a subsidiary of the HSBC Group.
Founded in 2015 by Jeppe Rindom and Niccolo Perra, Pleo offers businesses a comprehensive spend management solution along with company credit cards. Their platform is designed to empower employees to make work-related purchases while ensuring that the company’s finance team maintains control over spending. Pleo’s platform includes various features such as bookkeeping, invoice payments, email synchronization, subscription management, direct reimbursement, and spend categorization.
With the new financing facility, Pleo aims to provide businesses with greater financial flexibility and increased credit limits. This move is part of Pleo’s strategy to attract new customers in emerging markets and currencies. The company’s credit offering is already operational in Germany, Sweden, and the UK, and it was recently launched in Denmark. Pleo plans to further expand its credit solutions across Europe, starting with the Netherlands in the near future.
Amit Kahana, Pleo’s VP of Credit and Treasury, noted that the debt financing facility is available for extension based on future requirements. He emphasized that this funding will enable Pleo to expand its credit options and reach more countries.
Previously, Pleo raised $200 million in a Series C funding round in 2021. Additionally, the company appointed Søren Westh Lonning as its new Chief Financial Officer (CFO) in December.
Source: fintechfutures.com
