STOCKHOLM (Reuters) – Danish financial technology firm Pleo, which offers expense management tools and “smart” payment cards for companies, said on Thursday it has raised another $200 million as part of an extension to its last round in July that nearly tripled its valuation to $4.7 billion.
Pleo said it plans to use the funds to roll out in more than a dozen European countries from next year, starting with Finland, the Netherlands, France and Portugal.
While the extension was led by Coatue Management, Pleo counts Alkeon Capital, Bain Capital Ventures, Creandum, Kinnevik and Seedcamp among its backers. It last raised $150 million in July at a valuation of $1.7 billion.
Pleo, founded in Copenhagen in 2015, operates in Denmark, Sweden, Germany, Spain, Ireland and the UK, and counts more than 20,000 companies as customers.
“We have big ambitions to grow further across Europe … we want to be operating in over 20 countries by 2023,” said Jeppe Rindom, cofounder and CEO of Pleo.
(Reporting by Supantha Mukherjee, European Technology & Telecoms Correspondent, based in Stockholm; Editing by Matthew Lewis)
