[ad_1]
Danish startup Plio has announced plans to lay off 15 percent of its workforce. The company currently has about 1,000 employees, so up to 150 people may be affected. Plio develops expense management tools for SMBs across Europe.
“I’m telling the truth. Plio today, at the point of nearly 1,000 employees and focusing on 16 different countries, feels different than it did 12 months ago,” founder and CEO Jeppe Rindom wrote in a blog post.
“But the world has changed and our next chapter looks different. We no longer operate under the ‘growth first’ mandate, but the reality of ‘focused and efficient growth’. Focus on the many markets we now serve and drive excellence in everything we do. And it’s not what got us here, it’s not what’s going to get us there,” he later added.
As a reminder, Plio raised $150 million in July 2021 – followed by another $200 million in December 2021. Following this Series C round, the company reached a valuation of $4.7 billion. It became one of the most valuable fintech companies in Europe.
We set our priorities and set our strategy for the coming year. And sadly this is affecting 15% of our roles, with up to 150 colleagues having to leave. Each and every one has played a part in making Plio what we are today. And I want to believe that Plio is more than any other workplace. Pleo is about people. […] And that makes the decision even more difficult and emotional. It’s hard. It is still needed,” Rindom wrote.
Plio grew rapidly. Last year, the company had 20,000 customers in six countries – Denmark, Sweden, Germany, Spain, Ireland and the UK. The company now operates in 16 different countries. Pleo competes with Spendesk and Payhawk.
The startup also imposes limits on individual and group spending on company cards. When an employee buys something, he can attach the receipt directly in Plio. The platform supports out-of-pocket expenses if you have to pay in cash and get reimbursed later.
Finally, Pleo syncs expenses with accounting tools, such as Sage, Xero, and Quickbooks. The company offers an invoice management product to replace your existing accounts payable solution. The idea is that Pleo can help you automate many of the processes that come with spending your company’s money.
And yet, Plio may have grown too fast. It will be difficult to collect more money at the same price. Pleo now has a longer runway, but some employees will unfortunately have to leave the company.
[ad_2]
Source link