Pleo, the Danish unicorn responsible for a cost management application and smart corporate cards, is reducing its employees by 15%, or 150 positions.
Last July, Pleo secured a $150 million Series C funding round with a value of $1.7 billion, but after a year of tremendous development, Pleo CEO Jeppe Rindom believes, “the world has changed and our next chapter will look different.”
Continues Rindom in a post on the firm’s website: “We’re no longer operating under a ‘growth first’ mandate but rather a reality of ‘growth through focus and efficiency’.”
Pleo was founded in 2015 by former workers of the Danish startup Tradeshift. It provides businesses with an out-of-the-box platform for corporate spending that includes smart company cards and automatic cost reporting for employees.
In response to the new economic realities, Pleo is hardly the first fintech to lay off employees: today, Stripe laid off 14% of its staff, or 1100 individuals, and yesterday, digital bank Chime and online lender Upstart also made layoffs.
