Pleo, an expense and payment management solutions provider, has secured a EUR 40 million (~USD 42.9 million) debt financing facility from HSBC Innovation Banking UK.

The funding will be used to expand its credit offering, Pleo overdraft, which offers businesses greater flexibility in financial options and increased credit limits across Europe (starting with the Netherlands) to unlock new customers in new markets and currencies.

Pleo overdraft is available in Sweden, Germany, the UK, and Denmark.

Analyst QuickTake: This latest fundraise builds on its Series C funding in 2021, which was reportedly the largest ever for a Danish startup, where the company was valued at USD 4.7 billion, supporting its European expansion plans.