Pleo, a fintech company based in Denmark, has secured a €40m debt financing facility from HSBC Innovation Banking.  

This infusion is expected to enable Pleo to offer higher credit limits to a broader customer base, enhancing the financial flexibility available to them. 

Set up in 2015 by Jeppe Rindom and Niccolo Perra, Pleo offers a spend management solution to businesses.  

The deal is a strategic move for Pleo, allowing the company to tap new markets and currencies and unlock new customer segments.  

Pleo’s overdraft facilities, which are already operational in Sweden, Germany, the UK, and Denmark, are now poised for expansion across Europe, with the Netherlands slated to be the next beneficiary in the coming weeks. 

The demand for Pleo’s services has surged in light of the ongoing cost-of-living crisis, which has seen small and medium-sized enterprises (SMEs) increasingly require overdraft capabilities to maintain liquidity and ensure timely payments.  

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Pleo claims that over the last six months, an average of 6% of total transactions among companies have failed due to insufficient funds. 

The collaboration with HSBC Innovation Banking is expected to address these financial challenges and enhance Pleo’s market credibility, propelling the fintech’s growth trajectory.  

Pleo VP of credit and treasury Amit Kahana said: “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.”  

HSBC Innovation Banking UK managing director, head of warehouse finance Conor Sheehy 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 partnership comes on the heels of HSBC UK’s provision of a £24m asset-based lending facility to Midlands-based engineering company Autocraft Solutions Group.