Pleo Secures $100M Series C Funding & Launches Bill Payments

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.