Soren Westh Lonning Joins Pleo as CFO

Pleo, a Danish fintech firm, has welcomed Soren Westh Lonning, a financial services veteran with over two decades of experience at companies such as Chr Hansen, WS Audiology, and Danish Endurance, as its new Chief Financial Officer. His appointment reflects the company’s readiness for a potential initial public offering (IPO).

The decision to appoint a CFO is emblematic of the company’s intent to fortify its accounting systems in preparation for a stock market listing in the future. Lonning expressed his aim to guide Pleo towards profitability and maturity, ensuring continued business growth despite challenging macroeconomic circumstances.

Having previously held the CFO role at Danish bioscience firm Chr Hansen, a publicly listed company with a market capitalization exceeding $10 billion, Lonning brings invaluable experience. His priorities as CFO at Pleo involve steering the company towards profitability, strategizing for growth amidst economic challenges, and leveraging data for informed decision-making.

Pleo clarified that while they aren’t hastening an IPO, appointing a new CFO signifies their commitment to enhancing accounting and compliance functions for potential future market listing plans. CEO Jeppe Rindom acknowledged that Pleo is continuously assessing expansion options that align with customer interests. An IPO remains a significant consideration, but definitive plans are yet to be set in motion.

Rindom stressed that Pleo’s growth trajectory and strategic investments aimed at mid-market customers drive the need for strengthened financial strategies. While an IPO by 2025 is under consideration, he noted the current market conditions and emphasized the importance of prudent decision-making.

Founded in 2015, Pleo’s platform, connected to a company-branded card, assists in tracking expenses and managing cash flows for businesses. Competing with industry players such as SAP’s Concur, Brex, Soldo, and Spendesk, Pleo has raised over $434 million in funding and was last privately valued at $4.7 billion. The company’s recent ventures into credit products signify a strategic shift, aiming for a more profitable path within the financial services domain.

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