Danish fintech Pleo bags €40m debt financing from HSBC Innovation Banking
B2B spend management fintech Pleo has secured a €40 million debt financing facility from HSBC Innovation Banking UK, a subsidiary of HSBC Group.
Pleo secures €40m debt financing facility
Founded by Jeppe Rindom and Niccolo Perra in 2015, Pleo offers a business spend management solution and company credit cards to “enable employees to buy the things they need for work, all while keeping a company’s finance team in control of spending”.
The fintech’s platform includes features covering bookkeeping, invoice payments, email synching, subscription management, direct reimbursement, and spend categorisation.
The company says the new facility will enable it to offer businesses “greater flexibility in financial options” and increased credit limits as it looks to “unlock new customers in new markets and currencies”.
Pleo’s credit offering is already in use in Germany, Sweden, and the UK, and was recently launched in Denmark, with the firm now intending to expand the offering further across Europe.
The fintech hints that this expansion will begin in the Netherlands, with plans 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” and says that it will enable the firm to expand its credit options and “expand our existing reach even further into more countries”.
Pleo previously raised $200 million in a Series C funding round back in 2021. More recently, the company appointed Søren Westh Lonning as its new chief financial officer (CFO) in December.
