Pleo Eyes Expansion as HSBC Grants €40million Debt Financing Facility to Fintech Unicorn
European spend management platform Pleo has secured a €40million debt financing facility from HSBC Innovation Banking UK, the specialist financial partner for the innovation economy, enabling Pleo to offer higher credit limits to even more customers, providing greater flexibility in financial options available to them.
In light of the news, Pleo plans to use the debt financing facility from HSBC to drive further growth across Europe. Pleo overdraft facilities are set to hit the Netherlands over the coming weeks; with them already in use across Sweden, Germany, the UK and Denmark.
Amit Kahana, VP of credit and treasury at Pleo, explained: “Starting at €40million, the debt financing available to us can extend based on future requirements – which will expand our existing reach even further into more countries, enabling us to increase limits and offer more currencies.
“Beyond this milestone partnership and imminent launch in the Netherlands, we are expecting to see exciting developments over the coming 12 months as we prepare to launch in even more markets.”
Over the last six months, the average company has seen six per cent of their total transactions fail due to insufficient funds. Pleo’s partnership with HSBC Innovation Banking will alleviate such pain points and boost its credibility in the market – fuelling further growth by unlocking new customers in new markets and currencies.
Conor Sheehy, managing director and head of warehouse finance at HSBC Innovation Banking UK, also said: “This transaction demonstrates 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 be providing Pleo with this facility and look forward to supporting them to continue on their global growth trajectory.”
This latest news from Pleo follows the news that Søren Westh Lonning officially joined the company as CFO. Announced back in December, Søren’s appointment brings over 20 years of financial leadership experience to complement the existing leadership team at Pleo.
