Pleo secures 40 million euros in financing from HSBC Innovation Banking

Pleo secures €40 million funding from HSBC Innovation Banking to expand its lending offering, first in the Netherlands and then in other European markets, offering customers greater flexibility

London, May 2, 2024 - Pleo, a spend management platform in Europe, has secured €40 million in funding from HSBC Innovation Banking. This agreement enables Pleo to expand its lending offering to more countries and currencies.

The debt financing available to us starts at 40 million euros and can go into the hundreds of millions.

Amit Kahana, VP of Credit & Treasury at Pleo

Thanks to the new financing, Pleo can offer its customers higher credit limits, giving them more flexibility in financing. The fintech company plans to initially launch its credit services in the Netherlands and expand to other markets in the coming months.

Support for companies facing financial challenges

The decision for this financing comes at a time when many companies are struggling with financial challenges. According to the CFO Playbook, six percent of transactions by German companies have failed in the last six months due to insufficient funds. In addition, 30.2 percent of companies fear for their financial stability.

Amit Kahana, VP of Credit & Treasury at Pleo, comments on the partnership:"We are delighted to announce our partnership with HSBC Innovation Banking. This will extend our reach into even more countries and allow us to increase limits and offer more currencies."

Pleo was founded in Copenhagen in 2015 and is used by over 30,000 companies. The company currently has nine branches and employs over 900 people. We already reported in 2021 that PLEO had achieved unicorn status has achieved unicorn status.