Fintech scale-up Pleo, which offers a simplified company spending solution, smart company cards, and bill payment processing, announces its new business model incorporating a no-fee service for customers in the UK, Ireland, Sweden, and Denmark. The Free plan, available today, sees Pleo create a selected catalog of its services free of charge, up to five users per company.
The Pleo offering is provided in cooperation with J.P. Morgan, Mastercard and payment processing service Enfuce.
With the introduction of the Free plan, Pleo is strengthening its presence in the SME, agency, and startup sectors. Playing into Pleo's motto, "Power to your People," the plan will help startups and small businesses, in particular, get to grips with their cash flow and expenditure following a challenging two years due to the Coronavirus pandemic.
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Jeppe Rindom, CEO and Co-Founder of Pleo, says:
"Our ambition has always been the same: transforming how businesses handle their spending, with a product that not only solves problems, but helps people feel valued and inspired at work. For that reason, revenue growth has never been our core goal. So we're thrilled to now be in a position, as one of the leading companies in the B2B spend management market, where we can realign our pricing strategy to bring Pleo to more businesses, no matter their size.
"There is a reason that over 20,000 companies already place trust in our product every day. If we can maintain our current trajectory we hope to reach one million happy users by the end of 2025."
The reconstruction of Pleo's pricing model, trialled in Germany earlier this year to great initial success, comes during a strong phase of growth for the company. In the past year alone, Pleo has grown by 150 per cent, and in July it announced a further $150 million raised in capital, bringing the company to a unicorn valuation of $1.7 billion. In the rapidly growing market of spend management solutions, Pleo is strengthening and expanding its market share.
Keri Gohman, Partner at Bain Capital Ventures and Pleo board member, says:
"Pleo has a deep understanding of where the world of work is going, and the need to create an employee-centric culture where teams feel empowered. With the Free plan, they're enabling thousands more companies to set this in motion right from the get-go, no matter their funding stage - providing spending autonomy and transparency for even the smallest teams. It's this kind of agility and forward thinking that is setting Pleo well on its way to becoming the leading spend management solution for innovative companies all across Europe."
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