Pleo, a fintech specializing in B2B spend management, has secured a €40 million debt financing facility from HSBC Innovation Banking UK, a subsidiary of the HSBC Group.

Founded in 2015 by Jeppe Rindom and Niccolo Perra, Pleo offers businesses a comprehensive spend management solution along with company credit cards. Their platform is designed to empower employees to make work-related purchases while ensuring that the company’s finance team maintains control over spending. Pleo’s platform includes various features such as bookkeeping, invoice payments, email synchronization, subscription management, direct reimbursement, and spend categorization.

With the new financing facility, Pleo aims to provide businesses with greater financial flexibility and increased credit limits. This move is part of Pleo’s strategy to attract new customers in emerging markets and currencies. The company’s credit offering is already operational in Germany, Sweden, and the UK, and it was recently launched in Denmark. Pleo plans to further expand its credit solutions across Europe, starting with the Netherlands in the near future.

Amit Kahana, Pleo’s VP of Credit and Treasury, noted that the debt financing facility is available for extension based on future requirements. He emphasized that this funding will enable Pleo to expand its credit options and reach more countries.

Previously, Pleo raised $200 million in a Series C funding round in 2021. Additionally, the company appointed Søren Westh Lonning as its new Chief Financial Officer (CFO) in December.

Source: fintechfutures.com

FloQast, a fintech company based in the United States specializing in finance and accounting operations, has appointed Josh Glover, a former executive at nCino, as its new President and Chief Revenue Officer (CRO).

Glover will oversee all go-to-market units, including customer success, sales, marketing, and business development, and will report directly to FloQast co-founder and CEO, Mike Whitmire.

He succeeds Ken Sims, who will transition into the newly created role of Chief Business Development Officer.

Before joining FloQast, Glover spent over 11 years at nCino, a cloud banking technology provider, where he rose through the ranks to become President and CRO, the same title he now holds at FloQast.

Prior to his fintech career, Glover served as a Marine Corps special operations and infantry officer for over a decade, leading four combat deployments, including three tours to Iraq and one to Afghanistan. He has been honored with several awards for his service, including the Bronze Star Medal for valor, the Silver Star Medal, and three Purple Heart Medals, among others.

Whitmire emphasized Glover’s exceptional leadership qualities and extensive experience, stating that he is the ideal candidate to lead FloQast’s revenue growth initiatives.

Founded in 2013, FloQast utilizes AI technology to streamline the month-end closing process. Earlier this month, the company announced the successful conclusion of its Series E funding round, securing $100 million and achieving a post-money valuation of $1.6 billion.

Source: fintechfutures.com