Danish fintech Pleo announced that it has raised US$150 million in a Series C funding round to become a unicorn with a company valuation of US$1.7 billion.

The Series C round was co-led by Bain Capital Ventures and Thrive Capital, with contributions from existing investors Creandum, Kinnevik, Founders, Stripes and Seedcamp.

Keri Gohman, a partner at Bain Capital Ventures will be joining Pleo’s board of directors.

Pleo offers smart company cards that enable employees to buy the things they need for work, while keeping a company’s finance director in control of spending.

With the new funds, Pleo will be ramping up its product offering and will be hiring for the 30+ roles that it has open currently.

Additionally, Pleo will also be looking at market expansion, whether to break into new territories or to double down on the six markets that it already has a presence in.

This investment comes just two years after its Series B round, led by Stripes, which saw Pleo raise US$56 million.

Pleo said in a statement,

“While this investment round is taking Pleo to new heights, our core mission remains the same: to make everyone feel valued at work. Since day one, we’ve been committed to creating a spending solution that encourages a work culture built on trust and transparency, instead of overwhelming control and needless bureaucracy.

 

As with every investment round, this is just the beginning. It takes a village to fix an age-old problem, and we’re only just getting started.”

Featured image: Jeppe Rindom, Co-founder & CEO at Pleo and Niccolo Perra, Cofounder at Pleo