expenses startup pleo preps $100m series c funding, launches new bill payments service
Pleo Announces Upcoming Series C Funding and New Bill Payments Service
Pleo, a fintech startup specializing in expense management solutions and company Mastercards, has announced its intention to secure Series C funding during the coming summer months.
Alongside this fundraising plan, the company is also introducing a new service focused on B2B bill payments this week.
Series C Funding Plans
According to Jeppe Rindom, co-founder and CEO, Pleo currently possesses sufficient capital to operate until 2022. However, recent growth and substantial investor interest are driving the decision to seek approximately $100 million in Series C funding.
To date, Pleo has successfully raised $78.8 million. Their most recent funding round, totaling $56 million, was completed in May 2019.
Existing Investors
Key investors in Pleo include Seedcamp, Creandum, Kinnevik, Stripes, and Founders.
Competitive Landscape
Pleo operates within a competitive market, facing competition from companies such as Dext, Soldo, Spendesk, and Expensify.
Introducing Pleo Bills
The newly launched Bills platform is designed to streamline the management, tracking, and payment of business-to-business invoices, as well as supplier terms.
A key feature of Bills is the provision of free domestic transfers.
Automated Bill Processing
Bills utilizes Pleo’s OCR technology to automatically process invoices. These are then checked for duplicates and verified for authenticity prior to payment approval.
Administrators will also benefit from enhanced approval controls and the aforementioned free domestic transfer functionality.
Addressing Administrative Burden
Rindom explained that internal data revealed administrators dedicate approximately 50% of their time to bill processing and validation. This insight motivated the development of Bills, aiming to simplify the process and provide comprehensive oversight.
Company Origins
Founded in Copenhagen in 2015, Pleo was established by Jeppe Rindom and Niccolo Perra, both of whom previously held roles at Tradeshift.
Mike Butcher
Mike Butcher: A Profile of a Leading Tech Voice
Mike Butcher, M.B.E., is a highly respected figure in the technology landscape. Previously serving as Editor-at-large for TechCrunch, his journalistic background includes contributions to prominent UK newspapers and magazines.
Recognition and Influence
Wired UK has recognized Butcher as one of the most influential individuals shaping European technology. This acknowledgement underscores his significant impact on the sector.
Speaking Engagements and Interviews
Butcher is a sought-after speaker, having presented at prestigious events such as the World Economic Forum, Web Summit, and DLD. He has conducted interviews with a diverse range of prominent figures.
Among those he has interviewed are former UK Prime Minister Tony Blair, Russia’s Dmitry Medvedev, actor Kevin Spacey, model Lily Cole, Telegram founder Pavel Durov, and Wikipedia’s Jimmy Wales, alongside numerous other technology executives and celebrities.
Broadcasting and Advisory Roles
As a frequent broadcaster, Mike Butcher regularly appears on major news networks. These include BBC News, Sky News, CNBC, Channel 4, Al Jazeera, and Bloomberg.
His expertise extends to policy advising, having consulted with UK Prime Ministers and the Mayor of London regarding technology startup initiatives. He also served as a judge on the UK edition of The Apprentice.
Awards and Founding Ventures
GQ magazine once listed him among the 100 Most Connected Men in the UK, highlighting his extensive network within the industry.
Butcher is the co-founder of several notable organizations:
- TheEuropas.com: A platform showcasing the Top 100 European startups.
- Techfugees.com: A non-profit organization.
- TechVets.co: Another non-profit initiative.
- Startup Coalition: Focused on supporting startups.
In 2016, he was awarded a Member of the Order of the British Empire (M.B.E.) in the Queen’s Birthday Honours list. This honor recognized his contributions to both the UK technology industry and the field of journalism.