Pleo
US$4.7Bspend management / corporate cards
Copenhagen · founded 2015
Pleo
Europe · GDP rank #38
Denmark
DK · DKK @ 0.1554/USD
Denmark is one of the most digitalised payment economies in Europe — almost nine in ten in-store payments are digital — built around two structurally different rails. Dankort still runs ~40% of card transactions, but it has lost share steadily to international schemes and Apple/Google Pay. MobilePay (Vipps MobilePay since the 2022 merger) carries the mobile leg with ~4.5m users out of a population of ~6m. The krone is pegged to the euro via ERM-II at the central rate of 7.46038, and the Riksbank-equivalent debate about cash resilience and offline payments is now an explicit policy priority.
Tab 07
Fintech & disruption
Denmark's fintech ecosystem is small in absolute terms but punches above its weight on B2B and SME tooling. Pleo (corporate cards and spend management) remains the most valuable private fintech, followed by Lunar (challenger bank) and Coinify (crypto-on-ramp). Consumer-facing payments are dominated by MobilePay (now Vipps MobilePay) and the bank-owned card stack, leaving less standalone consumer-fintech surface area than Sweden. The Danish FSA (Finanstilsynet) has a reputation for being among the more demanding EU licensing regimes; that has slowed local fintech proliferation but also kept the failure rate low.
Fintech funding · LTM
US$320M▼ −8% vs May 2024–Apr 2025
USD · May 2025–Apr 2026
Largest unicorn
US$4.7B
Pleo
Unicorns
Lunar
US$2.2Bneobank
Aarhus · founded 2015
Lunar
Funding
Largest disclosed rounds · LTM
Rounds shown are the largest disclosed in the last twelve months. Private markets remain opaque — valuations at follow-on are the most reliable signal of investor conviction.
Round size
- Pleo (secondary)US$120M
secondary · 2025-02-01
Emerging categories
Nordic mobile-payment alliance (EuroPA + Vipps MobilePay)
scaling12M+users · 2025
- Vipps MobilePay
- Bizum
- Bancomat Pay
- MB WAY
- SIBS
Five-instant-payment-system alliance announced 2025; cross-border P2P tests planned 2026.
Source · Vipps MobilePay
Offline-payment resilience
emerging (regulated)- Nets / Nexi Group
- Verifone Nordics
- PBS
Betalingsrådet requires 7-day offline-capable card payments at essential retailers; supermarkets done by April 2026, pharmacies Q3 2026.
MiCA-licensed crypto-asset service providers
regulated- Coinify
- Firi (Norwegian)
- Bitstamp (passported)
Finanstilsynet is the competent authority; first Danish-licensed CASPs from Q4 2025.
- ▌Pleo + Visma (SMB expense management embedded in accounting)
- ▌Vipps MobilePay + Coop Danmark (in-store wallet at scale)
- ▌Lunar + Tesla Denmark (financing pilot, 2025)