On Tuesday, Pleo, a Danish fintech platform which offers expense management tool and smart company cards, said it had raised $150 million from U.S. investment firms Bain Capital Ventures and Thrive Capital in its latest funding round which valued it around $1.7 billion.

The company has more than 17,000 customers across Denmark, Sweden, Germany, the United Kingdom, Ireland, and Spain.

Founded in 2015 in Copenhagen by entrepreneurs Jeppe Rindom and Niccolo Perra, Pleo had earlier raised funds from Kinnevik, Stripes, Founders, Creandum and Seedcamp. “Pleo is well-positioned to become the dominant player in small business spend management, an $80 billion plus opportunity in Europe alone, and will only grow more essential to businesses as the company expands into bill payments in the near future,” said Merritt Hummer, a partner at Bain Capital Ventures.