Pleo Technologies A/S Due Diligence

Run due diligence on Pleo Technologies A/S: check compliance and get alerts when suppliers or ownership change.

Denmark · owned by Pleo Holding ApS (Denmark) · www.pleo.io · 10 vendors

Pleo is a business spending solution that provides smart company cards and automated expense management tools for businesses across Europe. Founded in Copenhagen in 2015, it empowers employees with prepaid cards while giving finance teams real-time visibility and control over company spending. Over 40,000 companies use Pleo to simplify bookkeeping and streamline their expense processes.

Resilience scores

Technology vendors

Services catalogue

2 services in catalogue across 2 categories; runs on 10 sub-vendors.

Insights

Last updated 2026-09-13 · revision 7

10 direct vendors, 149 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Financials

Three-year financials

Financial Resilience Score: 7/10

Pleo Technologies A/S is well-capitalized with over $430m raised in equity from top-tier investors including Bain Capital Ventures, Kinnevik, Thrive Capital, and Creandum. The company reached unicorn status in 2021 with a $1.7bn valuation, later extended to $4.7bn in December 2021. Its business model combines recurring SaaS subscription revenue with interchange fees on Mastercard transactions, creating sticky revenue once embedded in customers' finance stacks. The company holds an e-money/payments license from Finanstilsynet (Danish FSA), providing a meaningful regulatory moat in Europe. However, Pleo has been historically loss-making with high cash burn during its hyper-growth phase. The FY 2021/22 operating loss was approximately DKK -600 to -700m. Management initiated cost discipline in 2023 with a ~15% workforce reduction (~150 staff) and has guided toward profitability/cash-flow break-even during 2024. The company crossed $100m ARR in 2024 according to management commentary. Key risks include valuation overhang from the 2021 $4.7bn peak set in a zero-rate environment, intense competitive pressure from Spendesk, Payhawk, Moss, Soldo, Ramp, and Brex, regulatory sensitivity to EU interchange caps and PSD3, and macro exposure to SME discretionary spend. FX exposure across DKK, EUR, GBP, and SEK adds further complexity. Overall resilience is solid given strong capitalization and improving unit economics, but profitability remains unconfirmed.

Key strengths: Well-capitalized with >$430m raised from top-tier investors, Unicorn status with $4.7bn valuation at Dec-2021 Series C extension, Recurring SaaS-like revenue model with sticky customer base, E-money license from Finanstilsynet providing regulatory moat, Crossed $100m ARR in 2024, Management guided toward profitability/break-even in 2024, Cost discipline via ~15% workforce reduction in 2023

Risk factors: Historically loss-making with high cash burn, Profitability not yet confirmed in audited accounts, Valuation overhang from 2021 zero-rate environment, Intense competition from Spendesk, Payhawk, Moss, Ramp, Brex, Regulatory sensitivity to EU interchange caps and PSD3, Pro-cyclical exposure to SME discretionary spend and headcount, FX exposure across multiple European currencies

Revenue by geography

Revenue by product/service

Workforce by country

Signed-in users can see whether their own company is exposed to this vendor's disruption, plus the full sub-vendor list and country breakdowns, every in-scope compliance framework plus gaps and next steps, and alerts when any of it changes.

View the full interactive report