HSBC Innovation Banking funds Danish fintech Pleo with €40m debt
HSBC Innovation Banking provides Danish fintech Pleo with a substantial €40m debt financing. Explore the details of this exciting partnership.
Dive into the latest news as Danish fintech Pleo lands a substantial €40m debt financing from HSBC Innovation Banking. Learn more about their success.
B2B spend management fintech Pleo has recently announced securing a €40 million debt financing facility from HSBC Innovation Banking UK, a subsidiary of HSBC Group. Founded in 2015 by Jeppe Rindom and Niccolo Perra, Pleo offers a comprehensive business spend management solution along with company credit cards. The platform aims to empower employees to make work-related purchases while ensuring that the company's finance team maintains control over spending. Pleo's features include bookkeeping, invoice payments, email synchronization, subscription management, direct reimbursement, and spend categorization.
With the new financing facility, Pleo plans to provide businesses with greater financial flexibility and increased credit limits. This move is part of the company's strategy to attract new customers in different markets and currencies. Currently operational in Germany, Sweden, and the UK, Pleo recently launched its credit offering in Denmark and is now gearing up to expand further across Europe. The Netherlands is set to be the next market for Pleo, with plans to introduce its credit solutions in the coming weeks.
Pleo's growth trajectory has been supported by previous funding rounds, including a $200 million Series C round in 2021. The company also welcomed Søren Westh Lonning as its new chief financial officer (CFO) in December, further strengthening its leadership team.
Pleo's latest debt financing facility from HSBC Innovation Banking UK will fuel its expansion plans across Europe and enable the fintech to offer enhanced financial options to businesses. With a focus on innovation and customer-centric solutions, Pleo is poised for continued growth and success in the competitive fintech landscape.
HSBC Innovation Banking funds Danish fintech Pleo with €40m debt
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