Pleo
What They Do
Pleo provides a comprehensive solution for managing all aspects of business spending. With smart corporate cards and intuitive software, Pleo streamlines expense tracking and categorization while also simplifying recurring expenses, payroll, and accounts payable/receivable. This all-in-one platform empowers businesses to take control of their entire spend management process with ease and efficiency.
Organizations benefit from seamless management of spending, while finance teams save time with automation, leading to more efficient operations and real-time data analysis.
Pleo currently monetizes its product in two ways: through a SaaS fee, and transaction fees on spend on the platform.
Why Kinnevik Invested in Pleo
Pleo addresses a significant market opportunity in spend management, handling billions in transactions annually. Its asset-light, scalable business model, combined with a product-led growth strategy, makes it well positioned to disrupt an outdated category.
The business model is attractive given the predictability that comes from having recurring software revenues and de facto recurring transaction revenues. Pleo also shows high net revenue retention as companies increase their usage over time.
Their product-led growth strategy allows for a low-touch go-to-market approach, enabling customers to effortlessly onboard themselves and scale their usage, thereby increasing average revenue per account as their needs evolve.
Kinnevik was drawn to the company’s strong founding team, led by co-founder Jeppe Rindom, and the potential to expand its ecosystem across the spend management value chain. Pleo is delivering exceptional results:
- In full-year 2024, SaaS revenue grew by 56 percent whilst total revenues grew by 37 percent
- The company saw its active customer base expand to reach around 40,000 active companies across multiple markets
To continue to create value, Pleo focuses on:
- Continuing to grow its partnerships ecosystem in accounting, consulting and technology
- Consolidating the company’s leadership position in its still fragmented core European markets
- Expanding through the value chain, pushing deeper into spend
Key Information
- The leading pan-European spend management platform
- Grew revenues by 37% in 2024, with SaaS revenues growing by 56%
- 40,000 customers, handling billions in annual expenses
- Operating in 7 core markets
News in the Quarter
- Launched a new cash management suite focused on treasury management, offering businesses a consolidated overview of their funds, multi-currency accounts and automated cash management tools
- Published their ‘CFO’s Playbook for 2025’, a report based on a survey of over 3,000 business leaders across Europe
