Pleo secures €40M in debt financing from HSBC Innovation Banking
Pleo, the leading European spend management solution, is thrilled to announce the securing of a €40 million debt financing facility from HSBC Innovation Banking UK. This strategic partnership marks a significant milestone in Pleo’s mission to assist businesses at every stage of their growth journey by enhancing financial flexibility and supporting seamless spend management.
With the recent financing, Pleo is set to expand the reach and capabilities of its innovative Overdraft feature, currently available in Sweden, Germany, the UK, and Denmark, with plans to launch in the Netherlands shortly. This feature provides European companies with the much-needed flexibility to manage cash flows effectively, ensuring businesses can continue their operations without interruptions due to financial constraints.
The collaboration with HSBC Innovation Banking will enable Pleo to elevate its credit offerings, making them accessible to more customers across multiple countries and currencies, and introducing more flexibility options than ever before. Pleo’s Overdraft is designed to help businesses navigate gaps in cash flow, avoiding missed payments or late fees. Recent data from Pleo users indicates that, over the last six months, 6% of total transactions failed due to insufficient funds, highlighting the critical need for solutions like Pleo Overdraft.
Conor Sheehy, Managing Director and Head of Warehouse Finance at HSBC Innovation Banking UK, commented on the deal: “This transaction showcases HSBC Innovation Banking’s capabilities to provide multi-currency, multi-jurisdictional facilities to support leading credit originators launching new and innovative products. We are proud to support Pleo in this venture and look forward to aiding their continued global expansion.”
Looking ahead, Pleo is excited about the future as it prepares to introduce its offerings to more markets. “Beyond this milestone partnership and the imminent launch in the Netherlands, we expect to see exciting developments over the next 12 months as we expand into even more markets,” said Amit Kahana, VP of Credit and Treasury at Pleo.
Pleo extends its gratitude to its customers, partners, and investors for their unwavering support. For businesses looking to leverage the full benefits of Pleo Overdraft, it is readily available for activation with just a few clicks in the Pleo app.
About Pleo
Pleo is Europe’s leading spend management solution, offering businesses comprehensive tools to manage spending effectively across various growth stages and industries. With a focus on security and innovation, Pleo continues to set the standard in financial management solutions for companies of all sizes.