Jeppe Rindom, CEO of Pleo: A Comprehensive Interview on Regulation, Product, and Growth

Summary: Pleo in brief — history, core products, and future direction

Pleo is a European fintech delivering modern spend management for businesses, combining corporate cards with automated expense reporting and a broad set of embedded payments capabilities. Founded in 2015 in Copenhagen, Pleo operates through a network of licensed issuing banks, PSPs, and partners to provide card issuing, IBANs, SEPA transfers (including SCT Inst), Open Banking access (PIS/AIS), FX, onboarding, KYB/KYC, and AML tools. The platform integrates with leading ERP and accounting systems and is designed for scale across marketplaces, SaaS ecosystems, platforms, and regulated verticals. Pleo’s product scope extends from card issuance and spend controls to open banking, acquiring and processing services, fraud protection, and embedded finance features. Over the next 12–24 months, Pleo aims to broaden SEPA Instant coverage, accelerate onboarding, expand Open Banking capabilities, advance cross-border payments, and deepen the embedded finance stack for partners and customers across Europe, with a longer-term vision to become a global spend-management platform for businesses of all sizes.

Questions & Answers

Q1. Can you share a concise view of Jeppe Rindom’s role and background, and what you focus on at Pleo?

A1. As CEO, I set the strategic direction, oversee product and risk architecture, and drive global partnerships and regulatory alignment. My background is in fintech and payments, with a focus on implementing scalable, compliant platforms that enable businesses to manage spend efficiently. My work at Pleo centers on product-led growth, regulatory agility, and ensuring our customers—ranging from marketplaces to SaaS platforms—have reliable access to issuing, payments, and embedded finance tools.

Q2. How would you describe Pleo’s regulatory setup and licensing approach?

A2. Pleo operates in a partnership-driven model rather than owning a full banking license in every jurisdiction. We work with licensed issuing banks and payment institutions to provide card issuing, IBANs, and payments (including SEPA transfers and SCT Inst) under PSD2-compliant frameworks. MiCA readiness is a consideration for the EU market as crypto-related services evolve; we maintain strong KYB/KYC and AML controls and adapt our architecture to align with regional regulatory requirements. In short, Pleo enables regulated rails through trusted sponsor banks and licensed processors, while focusing on product and compliance for our customers.

Q3. What are Pleo’s core products, and how do they fit together for a business?

A3. Core products include:
– IBAN issuing and account management via partner rails
– SEPA transfers, including SCT Inst for real-time settlement where available
– PIS/AIS for Open Banking-enabled account data access and payments initiation
– Corporate cards with spend controls, policy enforcement, and reconciliation
– Wallets and multi-currency support with FX tools
– Onboarding and KYB/KYC workflows, enhanced by AML tooling
– Fraud detection and transaction monitoring
– Embedded finance capabilities for marketplaces and platforms
– Acquiring and processing support through licensed partners
All components are designed to integrate into ERP/accounting ecosystems and be consumable via APIs and developer tooling.

Q4. Who are Pleo’s target clients, and what use cases do you see most often?

A4. Our clients include SMBs, marketplaces, SaaS platforms, and ecosystems that require scalable spend management and embedded payments. Use cases span supplier payments, onboarding and payroll-related expenses, platform economics for marketplaces, vendor and affiliate programs, and crypto-adjacent or regulated verticals where compliant payment rails and expense controls matter. We emphasize a frictionless onboarding experience for admins and robust reconciliation for finance teams.

Q5. How would you describe Pleo’s risk appetite and compliance approach?

A5. We pursue a prudent risk posture aligned with B2B fintech needs. Our approach blends automated controls (KYB/KYC, identity verification, ongoing AML monitoring, fraud detection) with scalable processes and governance. We prioritize partner-infrastructure reliability, clear accountability across product, compliance, and security, and transparent risk management for customers and partners. This enables us to innovate quickly while maintaining regulatory alignment and customer protection.

Q6. What is Pleo’s stance on SEPA Instant coverage and routing logic?

A6. We aim to maximize real-time settlement where the beneficiary bank supports SCT Inst. Our routing logic prioritizes SCT Inst when available and the beneficiary is a participating bank, with a fallback to standard SEPA Credit Transfer if Instant is not feasible. The routing also accounts for currency corridors, regional availability, and partner capabilities to ensure timely settlement and reliability for customers’ cross-border needs.

Q7. What Open Banking capabilities do you offer today?

A7. We provide PIS/AIS access via PSD2-compliant interfaces, enabling customers to initiate payments and retrieve account information through secure APIs. This integrates with our card and spend-management rails to enable seamless onboarding, treasury workflows, and unified reconciliation. Our Open Banking stack emphasizes security, consent management, and sandbox environments for developers.

Q8. Do you hold an acquiring license, or how does acquiring work with Pleo?

A8. Pleo does not generally operate acquiring in its own name across all markets. Instead, acquiring is facilitated through licensed acquirers via partner arrangements. This ensures compliance with local payment schemes and regulatory requirements while enabling a smooth card-present and card-not-present payment experience for customers.

Q9. What does onboarding typically look like, and what documentation is required?

A9. Onboarding timelines vary by jurisdiction and risk tier but generally range from a few days to a couple of weeks. Requirements typically include corporate registration documents, proof of business address, tax IDs, details of beneficial owners and directors, and standard KYC/KYB information. Additional documentation may be requested for high-risk sectors or multi-entity structures. We provide a guided developer portal and onboarding checklist to streamline the process.

Q10. What does your technical stack look like, and how do developers interact with Pleo?

A10. Our platform exposes well-documented APIs, webhooks for real-time events, and sandbox environments for testing. The developer experience is supported by a dedicated portal with API references, sample code, and governance around credentials and permissions. Customers and partners can manage wallets, cards, payments, FX, and Open Banking interactions programmatically, with dashboards for visibility and control.

Q11. How does pricing work at a high level?

A11. Pricing typically combines a mix of per-transaction fees, card issuance costs, monthly platform or service fees, and FX margins. Card issuance costs may be in the single-digit euro range per card, while per-employee spend and processing fees vary by volume and region. FX spreads are aligned with market rates plus a modest margin. There can be tiered pricing by use-case or partner type, but the exact figures depend on geography, scale, and service-level agreements.

Q12. How do you position Pleo against competitors like Stripe, Adyen, Banking Circle, Swan, Lemonway?

A12. Pleo differentiates through deep spend-management capabilities, embedded finance, and a strong focus on B2B ecosystems such as marketplaces and SaaS platforms. While Stripe and Adyen excel at broad payments rails and merchant acquiring with enterprise-grade tooling, Pleo complements these by offering expense controls, card programs, KYB/KYC, onboarding efficiency, and Open Banking integration tailored for business spend. Banking Circle and similar players emphasize cross-border liquidity and custom rails, while Swan and Lemonway focus on specific rails and wallet solutions; Pleo blends these capabilities with platform-friendly tooling, partner-centric rails, and a governance-first approach for compliance-heavy use cases.

Q13. What’s on your roadmap for the next 12–24 months, and what’s the long-term vision?

A13. In the near term, we plan to broaden SEPA Instant coverage, enhance Open Banking integrations, and expand currency and issuing capabilities across more European markets. We will deepen our embedded finance toolkit for partners, improve onboarding speed with automated risk assessments, and enrich fraud/AML tools with advanced analytics. In the longer term, our vision is to become a globally distributed spend-management platform that supports more complex ecosystems (marketplaces, SaaS platforms, cross-border payroll, and regulated verticals) with a seamless UX, powerful reconciliation, and scalable regulatory compliance across regions.

Q14. How does Jeppe approach talent, culture, and partnerships to scale Pleo?

A14. I prioritize a culture of rigorous execution, customer-centric product development, and strong cross-functional collaboration. In terms of partnerships, we focus on technology integrations, issuer/PSP relationships, and ecosystem activations that accelerate customer value while maintaining compliance and risk governance. We hire for problem-solving capabilities and invest in teams that can navigate complex regulatory environments while delivering reliable, user-friendly solutions.

Q15. What security measures and fraud controls are critical for Pleo?

A15. We deploy multi-layered security: strong access controls, granular permissions, encryption at rest and in transit, continuous monitoring and anomaly detection, and AI-driven fraud analytics. Our KYB/KYC and AML workflows are designed to meet regulatory expectations, with ongoing identity checks and transaction monitoring. We also emphasize secure API design, regular third-party security testing, and incident response planning to protect customer data and assets.

Q16. How do you handle crypto-ventures or crypto-adjacent services within Pleo’s framework?

A16. Crypto-related activities are evaluated against regulatory requirements and risk considerations. Where appropriate, we provide compliant rails for crypto-related businesses through licensed partners and ensure that disclosures, custody, and KYC/AML controls align with applicable laws. For sensitive sectors such as crypto VASPs, we adopt cautious onboarding, enhanced monitoring, and closed-loop controls to maintain regulatory alignment.

Q17. Do you support Open Banking in all markets, and how is data accessed?

A17. Open Banking access is available where PSD2-enabled APIs and regulatory permissions allow it. Data access is governed by consent mechanisms, secure authentication, and robust authorization controls. We provide developer-friendly APIs and sandbox environments to simplify integration while meeting stringent security and privacy standards.

Q18. How do you approach international expansion and currency coverage?

A18. Expansion follows a disciplined market-prioritization framework: regulatory readiness, partner rails availability, demand signals from customers, and the ability to deliver a compliant, scalable product. Currency coverage is expanded via issuing and settlement rails with licensed partners, ensuring price transparency, FX controls, and reconciliation support for multi-currency spend across regions.

Q19. Can you describe some notable partnerships that amplify Pleo’s value proposition?

A19. Notable partnerships typically include ERP/accounting integrations, card schemes (Mastercard/Visa), licensed issuing banks and PSPs, and platform ecosystems where spend-management and embedded payments unlock new business models. These collaborations enable faster onboarding, smoother reconciliation, and broader usage scenarios—for example, marketplaces or SaaS platforms that want seamless spend controls embedded in their workflows.

Q20. How do you ensure a smooth developer experience and fast time-to-value for customers?

A20. We invest in a developer portal, API-first design, comprehensive documentation, SDKs, a sandbox with realistic test data, and clear SLAs. Our emphasis is on predictable integration timelines, strong support, and end-to-end visibility through dashboards and alerting so partners can monitor spend, approvals, card activity, and reconciliation in real time.

Q21. What should a potential customer expect in terms of onboarding speed and time-to-value?

A21. For standard onboarding with straightforward risk profiles, customers can expect activation within days. More complex structures or regulated use cases may take longer due to enhanced KYC/KYB checks. We prioritize transparency, providing a practical onboarding plan and ongoing updates to keep the project on track, with predictable milestones and a dedicated partner manager.

Q22. What is your long-term vision for Pleo in the payments and embedded-finance space?

A22. Our long-term vision is to be a universal spend-management platform that enables businesses to manage every aspect of spend—from cards to payments, Open Banking data, and embedded finance—through a single, compliant, scalable, and developer-friendly interface. We aim to empower platforms, marketplaces, and regulated verticals to offer seamless financial experiences to their customers, with continuous improvements in security, speed, and global reach.

FAQ (Prospect/Partner-focused)

What licenses does Pleo operate under, and who holds the issuing/processing licenses?
Do you issue IBANs for my company, and what is the routing for SEPA Instant?
Can Pleo support crypto-related platforms or crypto VASPs?
How fast is onboarding, and what documentation is required?
Do you offer Open Banking PIS/AIS integrations?
Do you provide acquiring or is it handled by partners?
What cards and spend controls are available, and can they be customized for marketplaces?
How does KYB/KYC work for multi-entity businesses?
What fraud/AML tools are included, and can we customize rules?
What is the ETA for SEPA Instant coverage in new markets?
How does pricing scale with volume and number of users?
What are the integration options for ERP systems?
What is the roadmap for Open Banking and cross-border payments?
Do you support multi-currency wallets and FX hedging?
What regulatory considerations should a partner plan for in onboarding?