Pleo reports that the number of total monthly active users on the platform has also almost doubled since 2021, with demand for its business spend management tools remaining strong throughout 2022, showing market resilience despite the challenging economic environment.

The fintech has seen great success over the past year and has made big investments according to its plans, including rapid European expansion, adding ten new markets (France, Netherlands, Italy, Portugal, Belgium, Luxembourg, Luxembourg, Austria, Norway, Finland and Estonia ) to its reach. Pleo has also introduced a complete ecosystem of tools to help organisations tackle further financial pain-points. These product improvements include automated receipt handling, invoice payments, and the ability to onboard multiple entities with one coherent experience.

Pleo made over 400 strategic new hires in 2022 and currently is focused on efficient growth to achieve its growth goals and path towards profitability.

Jeppe Rindom, Founder and CEO of Pleo, comments: “We’re particularly excited about having built a pan-European position with all markets contributing to our growth. Since the very beginning, Pleo’s mission has been to make spend management effective, efficient, and empowering. In a year of changing market conditions, we’re proud of the strength of our FY22 performance and we’re optimistic to see our growth accelerate into 2023. Despite persistent macro-economic challenges, demand for the Pleo solution across Europe has remained high which has allowed us to see the resilience of Pleo and the high relevance of our product. In today’s market, businesses need to keep tighter control of their spending, streamline their processes, and enable full impact of their teams.”

Andreas Bernstrom, Senior Investment Director at Kinnevik and Chairman of the Board of Pleo, added: “Over 25,000 businesses across Europe now rely on Pleo as an essential business tool, consolidating its position as the European category leader in spend management, with a strong balance sheet supporting this journey and the route to profitability. Having expanded into 10 new markets in as many months underlines the true scalability of the solution.” 

Adrienne Gormley, Independent Board member comments: “This strong 2022 performance, in a year of changeable market conditions, is a clear demonstration of Pleo’s platform giving finance teams and CFO’s the insight, clarity and confidence to empower employees to consistently make better spending decisions.”