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Pleo Appoints Søren Westh Lonning As Chief Financial Officer (CFO)

PRIVATEMay 02, 2024•about 2 years ago

Position

Chief Financial Officer

Company

Pleo

Søren Westh Lonning

Copenhagen

Description

Pleo secures a €40 million debt financing facility from HSBC Innovation Banking UK to offer businesses greater flexibility in financial options and increased credit limits. The company plans to expand its credit offering across Europe, starting with the Netherlands, and intends to roll out its existing credit solutions in the next couple of weeks. Amit Kahana, VP of credit and treasury at Pleo, reveals that the debt financing is available to be extended based on future requirements.

Company Information

Company

Pleo

Location

Copenhagen, Capital Region Of Denmark, Denmark

About

The round, which sets a record for being the largest Series C for a Danish startup, values Pleo at $1.7 billion, the startup has confirmed. There are around 17,000 small and medium businesses now using Pleo, with companies at the medium end of that numbering around 1,000 employees. Pleo has around 330 employees today spread across London, Stockholm, Berlin and Madrid, as well as in Copenhagen, and it will be using some of the investment to grow that team and its reach. Pleo starts with physical and virtual payment cards that are issued by Pleo (in partnership with MasterCard) to buy goods and services, which in turn are automatically itemized according to a company’s internal accounting systems, with the ability to work with e-receipts, but also let people use their phones to snap pictures of receipts when they are only on paper, if required.

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