Søren Westh Lonning joins B2B spend management platform Pleo as CFO
Danish fintech Pleo has named Søren Westh Lonning as its new chief financial officer (CFO).
Pleo names Søren Westh Lonning as new CFO
Having previously served in an advisory capacity for the B2B spend management platform in regard to its financial planning, capital structure and broader commercial efforts, Pleo says Lonning’s appointment as CFO comes during a period of “high growth”.
Despite cutting 15% of its workforce, around 150 employees, just over a year ago, the fintech’s latest phase of growth has been signalled by the launch of its auto top-up functionality and multi-entity management and cashback solutions.
Pleo says its expects Lonning’s appointment to “complement the existing leadership team” as the company looks to help businesses “save valuable strategic time and resources”.
“Being a finance leader myself, the company’s mission to go beyond the books and make spend management effective and empowering is a critical one in today’s fast-paced business environment,” comments Lonning.
Lonning has more than 20 years of financial leadership experience and has previously held CFO positions at bioscience company Chr Hansen, hearing aid business WS Audiology and clothing brand Danish Endurance.
Some media reports suggest the installation of a CFO could be viewed as a preliminary measure to prepare accounting and compliance systems for a stock market floatation. However, according to CNBC, the fintech says it wouldn’t be ready to instigate such a move until 2025.
Despite being an “important consideration”, Jeppe Rindom, founder and CEO of Pleo, told CNBC that “no definitive plans have been set in motion” for an IPO as of yet.
