Ramp for Europe vs. Ramp
Jan-Erik Asplund
TL;DR: Launched in Denmark in 2015, Pleo expanded across 16 European markets and the U.S. to become one of Europe’s leading spend-management players, now defending its position against native rivals Spendesk, Payhawk & Moss as Brex and Ramp move into the continent. Sacra estimates Pleo hit ~$150M in revenue in 2025, up 33% YoY, valued at $1.62B as of February 2025 for a ~14x multiple. For more, check out our full report and dataset on Pleo.
Key points via Sacra AI:
- Years before Brex (2017) and Ramp (2019), Denmark’s Pleo (2015) bundled physical & virtual prepaid Mastercard cards with expense management SaaS to automatically track & categorize employee spending. With lower corporate interchange rates in Europe (1% to 2%) vs. the U.S. (2% to 3%) and U.S. businesses putting 6-7x as much corporate spend on cards as European ones, Pleo charged for its software ($45-219/month + $11-18/seat) from day 1 rather than giving it away for free a la Brex & Ramp, generating ~70% of revenue from interchange and ~30% from SaaS.
- Expanding from Denmark into the UK (2017) and Sweden & Germany (2019), Spain & Ireland (2020) and then eight more European markets in 2022 including France, Finland & the Netherlands, Sacra estimates Pleo’s revenue hit ~$150M in 2025, up 33% YoY from $113M in 2024, valued at $1.62B as of February 2025 for a ~14x revenue multiple. Compare to Bulgarian expense management company Payhawk at $100M annualized revenue in July 2026, +95% YoY in 2025, valued at $1B as of its February 2022 Series B for a ~160x multiple on ~$6M in 2022 revenue, Ramp at $1.5B in annualized revenue in May 2026, +85% YoY in 2025, valued at $44B as of its June 2026 Series F for a 29x multiple, Canadian corporate-card company Keep at $14.5M in annualized revenue in 2024, +383% YoY, and Expensify (NASDAQ: EXFY) at $138M in revenue in June 2026, down 4% YoY, valued at $235M for a ~1.7x multiple.
- Now in sixteen European countries, Pleo’s early lead is being contested by localized spend-management companies Spendesk (France, 2016), Payhawk (Bulgaria, 2018) & Moss (Germany, 2019) just as the big U.S. players move in, with Ramp acquiring Stockholm-based payments platform Billhop (March 2026) ahead of onboarding UK- and EU-headquartered companies. As cards, expenses, AP, procurement, cash management & AI converge into roughly the same product bundle, Pleo like Brex is also opening a new distribution channel through Pleo Embedded, letting banks, accounting platforms & vertical SaaS companies embed its cards and spend-management software for their own SMB customers.
For more, check out this other research from our platform:
- Pleo (dataset)
- Payhawk (dataset)
- Brex (dataset)
- Ramp (dataset)
- Keep (dataset)
- $1.5B/year corporate card neolab
- Brex at $700M/year growing 50% YoY
- Why Brex sold to Capital One
- The future of interchange
- Art Levy, Chief Business Officer at Brex, on the strategy of Brex Embedded
- Geoff Charles, VP of Product at Ramp, on Ramp's AI flywheel
- Karim Atiyeh, co-founder and CTO of Ramp, on the future of the card issuing market
- Andrew Hoag, CEO of Teampay, on building expense management for the enterprise
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