Pleo Named Top-Tier Software Vendor by APPS RUN THE WORLD in the APPS TOP 500 Market Report

Pleo Strengths, Domain Expertise, and Key Differentiators

Pleo provides intelligent credit cards designed to empower employees in making work-related purchases while ensuring the company's finance director maintains control over expenditures. The platform comprises "smart" company cards integrated with software and mobile applications, facilitating automatic matching of receipts and real-time tracking of corporate spending. The Pleo MasterCard can be loaded with funds and distributed to employees, whether in physical or virtual form. This card is seamlessly connected to Pleo's backend system and applications. Notable features of the software include the automatic categorization of expenses, the capture of receipts linked to each transaction, and the elimination of expense reports. Pleo streamlines bookkeeping tasks by seamlessly integrating with various accounting software providers.

Pleo Recent Developments

In 2024, Pleo celebrated its 10th anniversary by achieving notable growth in both revenue and customer base, highlighting the strength of its expansion strategy. During the year, the company also launched a new Cash Management Suite designed to provide finance teams with greater control and visibility over liquidity, reinforcing its position as a comprehensive financial solutions provider.

Pleo Customers in ARTW Customer Database

Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Pleo applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Pleo and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Pleo customers.

Pleo Key Enterprise and Cloud Applications

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Pleo Direct vs Indirect sales

Pleo Customers - Breakdown by Geo, Size, Vertical and Product

List of Verified Pleo Customers

No. of Pleo Customers: 37000

No. of Pleo Enterprise Applications Customers: 37000

No. of Pleo Cloud Customers: 37000

No. of Pleo Cloud Subscribers: x

Pleo’s customer base exceeds 37,000 companies, primarily small and medium-sized enterprises (SMEs) across Europe, with a growing presence in markets like the UK, Germany, and Spain. Its platform caters to diverse industries, including architecture firms like Cobe and sustainable packaging startups like Shellworks, which leverage Pleo for streamlined expense management and data-driven financial decisions. The company’s ability to serve businesses ranging from startups to mid-sized firms with up to 5,000 employees highlights its versatility. Pleo’s emphasis on user experience and automation has driven high adoption rates, with an average of 1,000 new customers monthly, reflecting strong market trust and scalability across varied business needs.

Pleo Market Opportunities, M&A and Geo Expansions

Pleo’s growth trajectory accelerated with the introduction of its Accounts Payable solution and the securing of €40 million in debt financing from HSBC Innovation Banking. This funding allowed Pleo to expand its offerings by introducing overdraft facilities, providing businesses with greater flexibility in managing cash flow. Building on this momentum, Pleo is poised to enter the treasury management space with the upcoming launch of a comprehensive cash management suite. Scheduled for rollout through 2025, the new offering will include an advanced financial dashboard, multi-currency accounts, foreign exchange (FX) capabilities, and a range of automated cash management tools, empowering businesses to optimise liquidity and enhance strategic financial planning.

By April 2025, Pleo had amassed approximately $471.6 million across ten funding rounds, reflecting its strong market appeal and growth potential. The company’s financing journey began with a €500,000 seed round in May 2016, followed by a $5.5 million seed round in early 2017. Subsequent momentum saw Pleo secure $16 million in a Series A round in 2018 and $56 million in Series B funding by 2019. In July 2021, Pleo achieved unicorn status with a $150 million Series C round, valuing the company at $1.7 billion, which was later bolstered by an additional $200 million in December 2021, lifting its valuation to $4.7 billion. More recently, in May 2024, the company expanded its financial base by securing €40 million in debt financing from HSBC Innovation Banking to enhance its credit offerings. Strong support from investors such as Bain Capital Ventures, Thrive Capital, Creandum, Kinnevik, Stripes, and Founders underpins Pleo’s financial resilience and continued expansion prospects.

Pleo Risks and Challenges

Pleo faces risks associated with intense competition in the fintech sector, where rapid innovation is crucial. Economic uncertainties and regulatory changes could impact the company's operations and growth prospects. Maintaining data security and customer trust remains paramount, necessitating continuous investment in cybersecurity measures.

Pleo Ecosystem, Partners, Resellers and SI

Pleo continues its rapid expansion across Europe and internationally. In 2024, the company strengthened its footprint by opening new offices in Paris, Lisbon, Madrid, and Chennai. These additions complement its existing presence in key cities including Amsterdam, Berlin, Copenhagen (HQ), Stockholm, Montreal, and London, reflecting Pleo’s commitment to scaling operations and serving a broader global customer base.

Pleo’s ecosystem is built around a robust network of strategic partnerships and technological integrations that enhance its spend management platform. Collaborations with Mastercard and JPMorgan enable scalable corporate credit card solutions, while partnerships with Enfuce strengthen secure, cloud-based payment capabilities across Europe. Pleo integrates seamlessly with accounting software like SAP and various ERP systems, streamlining financial workflows for businesses. Its tech stack, including Cloudinary, CircleCI, and PostgreSQL, supports a scalable and reliable platform. The company’s focus on API-driven integrations, bolstered by its 2023 collaboration with Skiller Whale for engineering skill development, ensures continuous innovation. This interconnected ecosystem positions Pleo as a central hub for SME financial operations, fostering efficiency and adaptability.

Research Methodology

Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.

Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).

For additional information on our methodologies, here's the link: