Pleo, a Denmark-based financial technology firm, recently announced that the company has raised $150 million in a Series C funding round. The latest investment round was co-led by Bain Capital Ventures and Thrive Capital.

In the recent announcement, Pleo mentioned that it has received a valuation of $1.7 billion. The company’s existing investors including Creandum, Kinnevik, Founders, Stripes and Seedcamp joined the latest financing.

Launched in 2015, Pleo has opened offices across five different locations in Europe. The fintech firm provides smart company cards to businesses. Pleo has launched several features in recent years, including Reimbursements and Bills. The recent investment is the largest Series C funding received by a Danish-headquartered company.

Pleo is planning to use the latest funds to expand its product offering. The fintech company aims to make its existing features stronger.

Commenting on the Series C funding round, Keri Gohman, Partner at Bain Capital Venture, said: “The future of work empowers employees with the tools they need to be effective, productive and successful. Pleo understands this critical shift for modern companies toward employee centricity—providing workers with a fun-to-use spend management app that automatically tracks their corporate spending and generates expense reports, paired with the powerful tools businesses need to create full visibility and management of every penny spent.”

Growth

Founded in Denmark, Pleo received $5.5 million worth of seed investment in 2016. The fintech company announced its launch in the UK in 2017. The firm closed its $16 million Series A funding round in 2018 and a $56 million investment round in 2019. “And we’re in good company. Bain Capital Ventures has invested in the likes of GoCardless, LinkedIn, Lime, and even Burger King. Last month, they also raised $1.3 billion to fund young startups and VC firms. Alongside this, Thrive Capital, a New York-based investment firm, also has an impressive portfolio, they’ve invested in both Unity and Stripe. This investment comes just two years after our Series B round, led by Stripes, which saw us raise $56m,” Pleo added in the official announcement.