Pleo raises $200 million to develop the next generation of business expenditure management.

Pleo, a developer of expense management software for small businesses that allow them to issue corporate cards and better oversee how staff spend money, has received a big round of funding to help it expand when it is seeing rapid growth.

Coatue Management, a new investor, leads this round, with Alkeon Capital playing a pivotal role. Bain Capital Ventures, Thrive Capital, Creandum, Kinnevik, Founders, Stripes, and Seedcamp were previous funders.

The relevance of tooling to allow workforces to work in smooth ways while being distributed is very high right now. You may not be going out as much, but distributed workers need access to funds for a piece of software, or a subscription, or something else. Previously it’s been easy to, say, borrow a card from a manager or the finance team to handle this. But you can’t do that anymore. Our product has become increasingly relevant for that reason

Jeppe Rindom, Pleo’s co-founder and CEO.

Pleo already has over 20,000 customers, up more than 3,000 in the previous six months, and is currently averaging 1,000 new clients per month. Pleo is now live in six countries: Denmark, Sweden, Germany, Spain, Ireland, and the United Kingdom.

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