Pleo, the spend management fintech, has undergone a fresh round of job cuts, with around 50 staff understood to be laid off. The latest cuts follow Pleo laying off around 100 workers last year.
The latest job cuts, which took place last week, were across Pleo's "Offering" teams, which span product, tech, design and data roles. The majority of those impacted held engineering and data roles, including some at senior level, sources say.
It is understood around 300 people worked across Pleo's "Offering" teams before the cuts. Staff in Pleo’s home market of Denmark, the UK, and Germany were impacted by the cuts, sources say.
Pleo said the changes would “strengthen focus” and “simplify decision-making”.
A spokesperson for Pleo said: “Pleo has been undergoing significant transformation over the past year to ensure we continue our growth journey as a leader in spend management in Europe.
“The proposed changes to our Offering teams recently announced are part of this transformation.
“They are designed to strengthen focus, simplify decision-making, and accelerate product delivery for customers, while reflecting the increasing role of new technologies in how product and technology teams operate.”
Pleo also made job cuts in 2022, laying off around 15 per cent of its workforce. Pleo, which started life in Copenhagen in 2015, employs more than 800 people, was co-founded by fintech veterans Jeppe Rindom and Niccolo Perra.
The Danish startup, which has raised more than $430 million in funding, provides European businesses with various spend management tools including company cards, employee expense reports, credit and treasury products.
In 2021, Pleo, which is backed by Creandum and Seedcamp, raised $150m at a $1.7bn valuation, and six months later raised another $200 million at a valuation of $4.7 billion.
But last year, investor Kinnevik cut the value of its stake, giving Pleo an implied valuation of $1.62bn. Pleo says its services are used by over 40,000 businesses.
As well as Copenhagen, it has offices across Europe, including London, Madrid and Berlin.
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