Danish fintech Pleo raises $150 million at valuation of $1.7 billion

STOCKHOLM (Reuters) - Danish fintech Pleo, which offers expense management tool and smart company cards, on Tuesday raised $150 million at a valuation of about $1.7 billion from U.S. investment firms Bain Capital Ventures and Thrive Capital.

Pleo currently has more than 17,000 customers across six countries: Denmark, the United Kingdom, Ireland, Spain, Germany and Sweden.

Founded in Copenhagen in 2015 by entrepreneurs Jeppe Rindom and Niccolo Perra, Pleo had earlier raised funds from Stripes, Kinnevik, Creandum, Founders and Seedcamp.

"Pleo is well-positioned to become the dominant player in small business spend management, an $80 billion plus opportunity in Europe alone, and will only grow more essential to businesses as the company expands into bill payments in the near future," said Merritt Hummer, a partner at Bain Capital Ventures.

(Reporting by Supantha Mukherjee, European Technology & Telecoms Correspondent, based in Stockholm; Editing by Paul Simao)

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