Fintech’s scale up Pleo, which offers a simplified business expense solution, smart business cards and invoice management, announces its new business model with a free service for customers in the UK, Ireland, Sweden and Denmark.
The free plan – which is available from today – allows Pleo to create a selected catalog of its services for free, up to five users per company. The Pleo offer is provided in collaboration with JP Morgan, Mastercard and payment service Enfuce.
With the introduction of the free plan, Pleo strengthens its presence in small and medium-sized companies, agencies and start-up sectors. By playing into Pleos’ motto, “Power for your people”, the plan will help start-ups and small businesses in particular tackle their cash flow and expenses after two challenging years due to the Coronavirus pandemic.
Jeppe Rindom, CEO and founder of Pleo, says:
“Our ambition has always been the same: to change the way companies manage their expenses, 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 are happy to now be in a position, as one of the leading companies in the B2B market for expense management, where we can adapt our pricing strategy to get Pleo to more companies, regardless of size.
“There is a reason that over 20,000 companies already trust our product every day. If we can maintain our current path, we hope to reach one million satisfied users by the end of 2025. ”
The reconstruction of Pleo’s pricing model, which was tested in Germany earlier this year to great initial success, comes during a strong growth phase for the company. In the last year alone, Pleo has grown by 150 percent, and in July it announced an additional $ 150 million in capital, giving the company a unicorn valuation of $ 1.7 billion. In the fast-growing market for expense management solutions, Pleo is strengthening and expanding its market share.
Keri Gohman, a partner at Bain Capital Ventures and a Pleo board member, says:
“Pleo has a deep understanding of where the world of work goes, and the need to create an employee-centered culture where teams feel empowered. With the free plan, it enables thousands of more companies to start this right from the start, regardless of the financing stage – which provides cost autonomy and transparency for even the smallest teams. It is this kind of agility and forward thinking that puts Pleo well on its way to becoming the leading expense management solution for innovative companies across Europe. ”