Pleo

What Pleo does

Pleo is a Copenhagen-headquartered fintech, founded in 2015 by Jeppe Rindom and Niccolo Perra, that issues Mastercard-branded smart company cards and operates a SaaS spend management platform for businesses. Its product suite spans physical and virtual company cards, OCR-driven expense management, accounts payable and invoice automation, employee reimbursements, multi-entity management, multi-currency accounts (up to six currencies), and a Cash Management Suite launched in October 2025, with the entire stack underpinned by native integrations to over 100 accounting and HRIS systems (Xero, NetSuite, QuickBooks, Sage, Dynamics 365, FreeAgent, Twinfield, Odoo, SAP SuccessFactors, BambooHR). The platform is delivered through regulated Electronic Money Institutions in the UK (FCA, firm reference 1020730) and Denmark (FSA), with US issuance via Pathward N.A. and Evolve Bank & Trust.

Pleo serves 45,000+ businesses across SMB, mid-market and enterprise segments in 16 European markets plus the United States, with notable customers including Soho House, HelloFresh, Unity, E.ON, Trade Republic, Budbee and what3words. Revenue is generated from a mix of tiered SaaS subscriptions (approximately 45% of revenue, across Starter/Essential/Advanced/Beyond plans priced $39–$199 per month in the US), Mastercard interchange and transaction fees (growing ~60% year-over-year in 2025), embedded finance revenue share through Pleo Embedded, partner referral revenue share (up to 20%) and usage-based fees on invoices, reimbursements, FX and ATM withdrawals. Distribution combines a direct enterprise sales motion, a self-serve freemium Starter tier, an accounting and consulting partner programme, and a white-label embedded finance channel built with Mastercard.

The company's most recent strategic moves are the September 2025 launch of Pleo Embedded, the October 2025 launch of the Cash Management Suite and Multi-Currency Accounts, and the June 2026 launch of an agentic AI suite (Policy Agent, AP Agent, Treasury Agent, Accounting Agent) connected to ChatGPT Codex, Google Gemini, Anthropic Claude Cowork and Microsoft Copilot via Pleo's MCP server. These moves extend Pleo beyond cards and expenses into treasury, embedded finance and AI-driven autonomous spend workflows, financed in part by a €40 million debt facility from HSBC Innovation Banking in 2024 and a previously raised $430M+ in equity funding.

Name

Pleo

Legal name

Pleo Technologies A/S

Website

https://pleo.io

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Pleo is a Copenhagen-based fintech that issues Mastercard smart company cards and operates a SaaS spend management platform for 45,000+ SMB, mid-market and enterprise businesses across 16 European countries and the United States, with licensed EMI status and 100+ accounting integrations.

Ownership category

akta.pro rank

Product category

Corporate Spend Management Software

NAICS

Credit Card Issuing (522210), Credit Card Issuing (52221)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Embedded Card Issuing & Card-as-a-Service (FSAGALAC)

akta.pro secondary industry

Card Issuing Platforms (Issuer Processing) (FSAGABAD)

Keywords

• Corporate spend management
• Expense management software
• Business payment cards
• Accounts payable automation
• Embedded finance platform

Headquarters

HQ city

Copenhagen

HQ country

Denmark

HQ region

Europe

Offices10 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Tiered SaaS subscriptions: Pleo generates approximately 45% of revenue from tiered SaaS subscriptions (Starter/Essential/Advanced/Beyond in Europe; Essential/Advanced/Beyond in the US), billed monthly or annually with per-user pricing above an included user count, plus usage-based components (e.g., invoice payment fees).
2. Interchange and card transaction fees: Interchange fees from Mastercard card transactions, which grew approximately 60% year-over-year in 2025 and represent a meaningful portion of revenue.
3. Embedded finance / Pleo Embedded revenue share: White-label and co-branded embedded finance offering for banks, SaaS and payment providers, generating revenue share and partner-driven card/transaction economics.
4. Partner referral and revenue share programme: Accounting and consulting partners earn up to 20% revenue share when they refer clients and meet tier thresholds (Silver, Gold, Platinum), creating an indirect sales revenue stream.
5. Usage-based fees (invoices, reimbursements, FX): Usage-based charges include £0.95–£1.50 per invoice paid, 0.9% reimbursement fee (capped at $1/£1), 1.49%–2.49% FX fees on card/invoice payments, ATM fees on Starter (£5/withdrawal), card replacement fees, and chargeback processing fees.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels8 records

Core offering

Pleo provides Mastercard-licensed physical and virtual company cards paired with a SaaS spend management platform that automates expense reporting, accounts payable, reimbursements, multi-entity spend, and cash management for businesses. The offering extends to embedded finance (Pleo Embedded) for banks and SaaS partners, multi-currency accounts, an investment account, and a 2026-launched suite of agentic AI capabilities (Policy Agent, AP Agent, Treasury Agent, Accounting Agent) exposed via a Model Context Protocol (MCP) server.

Product overview

Pleo offers a single unified spend-management platform — branded as Europe's first and most trusted strategic finance platform — comprising a core suite of tightly integrated modules: Pleo Smart Company Cards (physical and virtual Mastercard cards), Pleo Expense Management, Pleo Invoices (accounts payable), Pleo Reimbursements, and Pleo Multi-Entity Management. Around this core, Pleo has layered newer modules and platforms: the Pleo Cash Management Suite (October 2025) extends the offering into treasury and cash-flow visibility; Pleo Multi-Currency Accounts add FX-aware spend; Pleo Embedded (September 2025, built with Mastercard) lets banks, SaaS platforms and payment providers white-label the platform; and the Pleo AI Agents Suite (June 2026) layers agentic AI (Policy Agent, Pleo MCP, AP Agent, Treasury Agent, Accounting Agent) on top, connecting external assistants such as ChatGPT Codex, Google Gemini, Anthropic Claude Cowork and Microsoft Copilot via Pleo's MCP server. Supporting add-ons include the Pleo Investment Account (with lemon.markets), Pleo US Wallet, and advanced spend analytics with AI-driven insights.

Differentiator

Problem solved

Functional benefit

Brands

• Pleo Embedded: Embedded finance platform offering white-labeled and co-branded spend and cash management capabilities for banks, SaaS platforms, and payment providers to integrate into their own products.
• Pleo Cash Management

Products and services

• Pleo Smart Company Cards Physical and virtual Mastercard-branded corporate cards with individual spending limits, vendor cards for recurring payments, and temporary virtual cards, issued by Mastercard licensees (Pathward N.A. and Evolve Bank & Trust in the US; Pleo Financial Services A/S in the EEA).
• Pleo Expense Management Automated expense management module covering receipt capture via OCR, automated receipt reminders, out-of-pocket reporting, direct reimbursements, mileage tracking, email receipt capture (Fetch), and real-time spend analytics.
• Pleo Invoices (Accounts Payable) Accounts payable automation from purchase orders through invoice OCR, duplicate invoice detection, invoice approval flows, advanced approval workflows and payments, integrated with the broader spend platform.
• Pleo Reimbursements Module for managing, approving and processing out-of-pocket employee expenses in one place, with direct reimbursement payments (Beyond plan includes unlimited direct reimbursements).
• Pleo Cash Management Suite Cash management add-on launched October 2025 that expands Pleo beyond expense tracking into enterprise-level financial intelligence, connecting spend, cash, payments and decision-making, with Transfer Rules to automate cash movement between connected bank accounts, Pleo accounts and sub-accounts.
• Pleo Multi-Currency Accounts Feature launched October 2025 that lets companies hold and spend up to six currencies from a single Pleo card, addressing FX fee losses for global businesses.
• Pleo Embedded White-label and co-branded embedded finance platform, built in partnership with Mastercard, that lets banks, SaaS platforms and payment providers integrate Pleo's smart cards, automated expenses, AP and real-time cashflow tools into their own products within weeks.
• Pleo AI Agents Suite Suite of five AI agents (Policy Agent, Pleo MCP, AP Agent, Treasury Agent, Accounting Agent) for autonomous spend management, integrating with ChatGPT Codex, Google Gemini, Anthropic Claude Cowork and Microsoft Copilot via Pleo's MCP server.
• Pleo Investment Account Investment account launched August 2025 in partnership with lemon.markets, enabling Pleo customers to earn returns on idle business cash.
• Pleo US Wallet US Wallet product launched 2023 to serve multinational organisations operating in the United States, with cards issued under license from Mastercard International by Pathward N.A., Member FDIC.
• Pleo Multi-Entity Management

Quantifiable outcome

• Reduces manual expense work by up to 80% and saves finance teams around 70% of their time
• +4 more outcomes

Named customers26 records

Segments6 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration20 records

AI capability12 records

Feature6 records

Partnerships

15 partnerships are on record, tiered core, flagship and minor.

• iplicitcoreTechnology or Integration · 7 May 2026Pleo and iplicit (cloud accounting platform for UK & Ireland mid-market) are integrating their platforms through Pleo Embedded, allowing organisations to synchronise expense data in real time and access Pleo's smart corporate cards, advanced controls, and AI-driven spend optimisation.
• FreeAgentcoreTechnology or Integration · 18 November 2025FreeAgent (UK accounting software) has made Pleo its preferred expense management partner. The integration auto-syncs expenses and transactions from Pleo into FreeAgent to improve bookkeeping accuracy for UK SMEs.
• MastercardflagshipStrategic or Co-development Partner · 25 September 2025Mastercard is Pleo's foundational payments partner. Pleo cards are issued pursuant to a Mastercard licence in both Europe and the US; Mastercard is also Pleo's co-development partner for the Pleo Embedded white-label offering for SMBs, with rollout across UK, Denmark, Germany, Sweden and the Netherlands.
• lemon.marketscoreStrategic or Co-development Partner · 27 August 2025Pleo and lemon.markets launched the 'Pleo Investment Account' to help businesses put idle cash to work across Europe.
• TaktilecoreTechnology or Integration · 20 March 2025Pleo chose Taktile's AI-driven decisioning platform to enhance fraud detection and AML capabilities across the customer lifecycle.
• TravelPerkcoreStrategic or Co-development Partner · 5 November 2024Pleo has partnered with TravelPerk to provide an end-to-end travel and expense solution, allowing travellers to book their own trips while businesses maintain control over spend.
• J.P. Morgan PaymentscoreTechnology or Integration · 1 January 2020Pleo launched auto-top-up functionality powered by J.P. Morgan Payments, enabling automated top-ups to business spend accounts.
• RemotecoreStrategic or Co-development PartnerPleo and Remote partner to provide global employment and spend management for distributed teams; quote from Remote CEO Job Van Der Voort featured on Pleo's partnerships page.
• TietoevrycoreImplementation/ SI/ Consulting PartnerListed as a Pleo Consulting Partner on the consulting partnerships page.
• NoBlue2coreImplementation/ SI/ Consulting PartnerListed as a Pleo Consulting Partner.
• Grupo DynasoftcoreImplementation/ SI/ Consulting PartnerListed as a Pleo Consulting Partner.
• AdvantyscoreImplementation/ SI/ Consulting PartnerListed as a Pleo Consulting Partner.
• MacrofincoreImplementation/ SI/ Consulting PartnerListed as a Pleo Consulting Partner.
• VirgateminorChannel Partner/ Reseller/ DistributorFull-service finance team for Hospitality & Retail sector featured in Pleo's Partner Directory; offers bookkeeping, management accounts, statutory reporting, tax and payroll.
• GoodwilleminorChannel Partner/ Reseller/ DistributorUK business services provider for overseas companies entering, growing or scaling in the UK; listed in Pleo's Partner Directory.

Scale indicators17 records

Recent moves9 records

Expansion highlights7 records

Direct peers

• Moss: Berlin-based corporate cards and spend management platform serving German SMBs and mid-market. Direct competitor in the DACH region with comparable Mastercard-issued cards and SaaS expense management.
• Brex: US-headquartered fintech offering corporate cards and AI-powered spend management for startups and enterprises. Closest direct peer in product scope (cards + expense + AP + AI), with Pleo being the European counterpart focused on SMB-to-enterprise.
• Ramp: US corporate cards and spend management platform with strong AI-driven expense automation. Direct peer on product, customer segment (SMB-to-mid-market), and AI/agentic roadmap that Pleo's Pleo MCP and AI Agents Suite compete against.
• Spendesk: French/European spend management platform combining prepaid cards, expense management and AP for SMBs and mid-market. Closest geographic and segment competitor to Pleo across DACH, Benelux, UK and the Nordics.
• Soldo: UK/Italian SMB spend management platform issuing prepaid Mastercard cards with multi-currency and expense automation. Direct peer in Pleo's home UK and European markets with overlapping SMB customer profile.
• Yokoy: Swiss AI-driven spend management platform for mid-market and enterprise, covering cards, expenses, invoices and VAT recovery. Direct competitor with overlapping mid-market European target customers and AI/automation positioning.

Emerging players

• Pliant: Berlin-based API-first corporate card platform for B2B SaaS and SMBs. Emerging European peer with comparable card-issuing infrastructure and overlap with Pleo's Pleo Embedded OEM use cases.
• Klarna: Swedish fintech expanding into SMB financial services (cards, working capital, expense). Adjacent peer in geography and SMB fintech with growing overlap in European SMB financial tooling.

Broad incumbents

• Revolut Business: UK fintech offering business banking, multi-currency accounts and corporate cards across Europe. Broad incumbent with overlapping SMB card and multi-currency functionality, though not specialised in deep spend/AP automation like Pleo.
• AirPlus: Lufthansa-owned established European corporate payment solutions provider (virtual cards, central bill, travel expense). Broad incumbent in B2B corporate cards and travel expense with overlapping enterprise customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/pleo
• YouTubeyoutube.com/channel/UCQQitvQIlEgIxNyLlOgilXQ
• Facebookfacebook.com/pleo.io
• LinkedInlinkedin.com/company/pleo-company
• Instagraminstagram.com/pleo.io

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Subsidiaries3 records

Funding overview

Funding rounds7 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pleo