Pleo, a leading spend management solution provider in Europe, has recently announced securing a significant €40m in debt financing from HSBC Innovation Banking UK.
Pleo is renowned for its comprehensive spend management solutions, which include seamless card payments and efficient receipt capture systems. The company’s services are crucial for businesses at different growth stages across industries, helping manage their spending more effectively.
The new funding will be used to elevate Pleo’s credit product, Pleo Overdraft, which is already available in Sweden, Germany, the UK, and Denmark, and will soon expand to the Netherlands. This feature offers businesses crucial flexibility, maintaining cash flow and preventing transaction failures due to insufficient funds.
Additional insights reveal that over the last six months, businesses using Pleo have experienced a 6% failure rate in transactions due to insufficient funds, underscoring the necessity for robust credit solutions like Pleo Overdraft.
HSBC Innovation Banking UK Managing Director, Head of Warehouse Finance, Conor Sheehy said, “This transaction demonstrates HSBC Innovation Banking’s capabilities to provide multi-currency, multi-jurisdictional facilities to support leading credit originators launching new and innovative products. We’re proud to be providing Pleo with this facility and look forward to supporting them to continue on their global growth trajectory.”
Pleo VP of Credit and Treasury, Amit Kahana added, “Beyond this milestone partnership and imminent launch in the Netherlands, we are expecting to see exciting developments over the coming 12 months as we prepare to launch in even more markets.”
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