An investor in expenses management platform unicorn Pleo has cut the value of its stake by over 25 per cent year-on year, according to a new report.

Kinnevik, which holds a 14 per cent stake in Denmark-founded Pleo, valued the stake at SEK 2445m ($227m) in Q4, 2024, a 26 per cent cut compared to the SEK 3293m ($298m) value the year previous.

This cut gives Pleo an implied valuation of around $1.62bn in Q4, 2024, compared to a $2.13bn valuation the year previous.

The Swedish firm also cut the value of its stake in Pleo by 10 per cent between Q3, 2024 and Q4, 2024.

Pleo, founded in 2015, achieved star status in 2021 when it became the fastest Danish startup to reach unicorn status, in just six years.

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, as well as credit products.

In 2021, it raised $150m at a $1.7bn valuation, and six months later raised another $200 million at a valuation of $4.7 billion, making it one of the more valuable fintech startups in Europe.

In the report, Kinnevik said Pleo grew between two and three times faster than its SaaS benchmarks last year with above average gross margins.

It added:

“Profitability improvement measures over the past years have shown good results, and in 2025 Pleo plans to accelerate investment in product and market expansion.

“This leads to stalling margin improvements in 2025, but is expected to create a larger and stronger business in 2026 and beyond.”

Last month, Pleo moved into the treasury space, rolling out a suite of tools.

Meanwhile, Kinnevik has upped the value of its 15 per cent stake in TravelPerk by 66 per cent year on year, giving it an implied valuation of $2,26bn.

Pleo did not respond to a request for comment.