Pleo has reached unicorn status after raising $150 million in a Series C funding round.

The investment was led by Bain Capital Ventures and Thrive Capital.

The Danish FinTech is now worth roughly $1.7 billion.

The company said the funding will be used to grow its customer base to one million from its current 17,000 by 2025.

Pleo will also continue to invest in its team, which currently stands at 330 people.

In the past year, Pleo has launched a number of product features, including Bills, an invoice management system, and Reimbursements (as part of Pocket), a centralised hub to keep track of the money owed between employees and the company.

This investment will be used for further developments on features such as these as well as deepening their market offerings.

“We’re thrilled to be working alongside Bain and Thrive, and incredibly thankful to our other investors – Stripes, Kinnevik, Creandum, Founders and Seedcamp – who continue to support our journey,” said Jeppe Rindom, co-founder and chief executive, Pleo. “We’re confident the partnerships, new and ongoing, will help us achieve our life-long mission to transform how businesses handle their spending, all while making their people feel valued at work.”

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