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The Pleo app pictured on a smartphone next to one of the fintech firm’s corporate cards.

Pleo

Danish fintech firm Pleo has appointed a new chief financial officer, the company told CNBC exclusively, beefing up its executive team — a sign the company is readying itself for an eventual initial public offering.

The company hired Soren Westh Lonning, a financial services executive with more than 20 years at companies such as Danish bioscience firm Chr Hansen, hearing aid company WS Audiology, and Danish Endurance, a sports and outdoor clothing startup.

Most notably, Lonning had experience as CFO at Danish food enzyme maker Chr Hansen. Chr Hansen, which is listed on the Danish stock exchange, is one of Denmark’s most valuable publicly listed firms, with a market cap of more than $10 billion.

The European Union recently approved a $22 billion merger between Chr Hansen and competitor Novozymes.

Lonning told CNBC his biggest priorities for the firm when taking over as CFO will be pushing the company toward profitability and maturity; assessing how to continue growing the business despite the difficult macroeconomic environment; and pushing for the sound use of data to make better decisions as a business.

“There’s many companies similar to Pleo who are going through … balancing growth and efficiency or profitability in the environment that we operating in right now,” Lonning said.

“Obviously, we want to continue to to grow and grow fast, but the environment also changed. That’s a dilemma for companies, but even more so for the lifestyle of Pleo and tech companies.”

“So I think I can contribute in that direction, making sure we get as good as possible resource allocation across the company in terms of, you know, finding, finding the pockets where we get most bang for the buck in investing.”

Symbolic move

While Pleo says it is not in a rush to go public, appointing a new CFO is a symbolic move that indicates a company is beefing up its accounting and compliance teams and systems in preparation of an eventual stock market listing.

Jeppe Rindom, Pleo’s CEO, told CNBC the firm is “continuously evaluating various options to fuel expansion that best serve our customers.” An IPO, he said, is an “important consideration,” but “no definitive plans have been set in motion.”

“Part of the responsible decision-making that’s guided us to where we are now is an awareness of how market conditions impact public tech companies and understanding if a decision like this would be in the best interest of Pleo and our stakeholders,” Rindom said.

“Adding Søren to our team is about bolstering our financial strategies and comes at a time of high growth for Pleo driven by market expansion and investments to win mid-market customers,” he added.

However, Rindom added that the stage of maturity Pleo has reached as a business means that it’s “only prudent” to start thinking about the question of an eventual IPO, and suggested the firm wants to be ready for such an event by 2025.

“If you look at the markets today, it’s hard to be optimistic because there’s been IPOs this year and, quite honestly, they haven’t been performing super well,” he said. “So we don’t see ourselves go to market in this context.”

“But we are thoughtful, and we think we need to be ready for eventually, in order to be ready in, let’s say, two years, there are certain things you need to think of already now. And so we’re starting to adapt to that mindset of it.”

Hiring a CFO like Lonning, Rindom said, provides Pleo with enough “optionality” for an IPO, adding that Pleo is upgrading its processes around accounting, risk and compliance in order to “mature in a way that also resonates with an IPO eventually, should that be needed.”

Lucrative path

Pleo has recently made early moves into the world of credit. The company recently launched overdrafts for customers, as part of a larger product revamp earlier this year. The company said it wants to offer more credit products in the future.

Pleo has built a business around a product that financial executives — from CFOs to senior accountants — can use to get visibility over their cash flows and make better decisions about how to manage expenses.

Lending is viewed as more lucrative path for financial firms than payment fees since they can earn interest from cash lent out to customers — especially now when interest rates are higher.

Founded in Copenhagen in 2015, Pleo offers a single platform attached to a company-branded card that lets companies track their spending as well as file and organize their expenses.

The firm, which was last privately valued at $4.7 billion, competes with the likes of SAP’s Concur, as well as startups including U.S. firm Brex, U.K.-based Soldo, and France’s Spendesk.

The firm has raised more than $434 million in funding to date, and is backed by the likes of Coatue, Bain Capital Ventures, Thrive Capital, Creandum, and Seedcamp.

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Armenian organized crime rings charged with stealing $83 million in Amazon cargo

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Armenian organized crime rings charged with stealing  million in Amazon cargo

The Amazon Prime logo is displayed on Amazon delivery trucks in Richmond, California, June 21, 2023.

Justin Sullivan | Getty Images

Department of Justice officials on Tuesday charged members or associates of an Armenian organized crime ring with stealing more than $83 million worth of cargo from Amazon by posing as legitimate truck drivers and siphoning off goods destined for the company’s warehouses.

Since at least 2021, at least four people linked to the crime ring carried out a scheme across California to steal truckloads of merchandise, ranging from smart TVs and GE icemakers to SharkNinja vacuums and air fryers, the DOJ alleged.

“At present, Amazon is plagued by recurring thefts of its shipments, which is commonly referred to as ‘cargo theft,'” the complaint says.

Amazon has ramped up its efforts to track and shut down fraudulent, deceptive and illegal activities on its sprawling online store. Eliminating stolen goods is particularly challenging. CNBC reported in 2023 that Amazon suspended dozens of third-party merchants it alleged were selling stolen goods, though many of those sellers claimed they were unknowingly caught in the scheme, putting their businesses at risk of survival.

Amazon isn’t the only retailer afflicted by cargo theft. Experts told CNBC cargo theft-related losses are estimated at close to $1 billion or more a year.

In its complaint, the DOJ said the alleged fraudsters operated four transport carriers — AK Transportation, NBA Holdings, Belman Transport and Markos Transportation — that would obtain contracted freight routes from Amazon Relay, an application used by truckers to obtain work, also referred to as loads.

Each trucker is assigned a load for pickup from a manufacturer’s warehouse to be dropped off at an Amazon facility. Instead, the groups would divert from their designated routes, take a portion of the goods off the trucks and resell them or gift them to associates, prosecutors allege.

In some cases, the “self-styled carriers” would complete their deliveries at an Amazon warehouse several days after they were expected to show up, according to the complaint.

DOJ officials seized the alleged fraudsters’ iPhones and found photos and videos of warehouses lined with boxes of crockpots, Keurig coffee machines, keratin shampoo, Weber grills and other goods.

Amazon teams cooperated with DOJ officials in their investigation, including sharing information about the stolen goods, and details of the alleged fraudsters’ accounts on its online marketplace.

Representatives from Amazon didn’t immediately respond to a request for comment.

DOJ officials linked the defendants to a litany of other alleged crimes, including attempted murder, kidnapping, illegal firearm possession and health-care fraud. Several of the 13 defendants are expected to appear in a Los Angeles district court on Tuesday and Wednesday, while one of the defendants appeared in a court in Fort Lauderdale, Florida, on Tuesday and was detained.

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Fortnite approved by Apple, returns to U.S. App Store 5 years after removal

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Fortnite approved by Apple, returns to U.S. App Store 5 years after removal

Thomas Fuller | SOPA Images | Lightrocket | Getty Images

Apple approved the Epic Games title Fortnite on Tuesday, returning the first-person shooter game to the App Store in the U.S., five years after its removal.

Fortnite was kicked off the App Store in 2020 after Epic updated its game over the web to take payments directly, instead of through Apple’s in-app payment mechanism, which takes fees up to 30%. The move angered Apple and kicked off a years-long legal battle.

Last month, Epic scored a victory in court, when a judge ruled that Apple wasn’t allowed to charge a commission when apps link out for payment, or dictate whether the links look like buttons. Epic said last week that it had submitted Fortnite to the U.S. App Store. To return, Fortnite had to pass App Review, Apple’s process in which new apps or updates are reviewed by Apple employees to ensure they work and adhere to the company’s guidelines.

Apple had dragged out its approval process for the app since May 9, when Epic submitted it to Apple. Last week, Epic filed a legal challenge, and on Monday, a judge said that Apple had to explain why Fortnite hadn’t been approved yet or come to a resolution with Epic over the game’s status.

Apple is appealing the latest court order, and looking to get a pause enabling it to roll back changes the company has already made to the App Store in response. An Apple representative didn’t immediately return a request for comment.

Last month’s ruling led major app makers such as Amazon and Spotify to change their apps to accommodate links to buy content. For example, users can now buy Kindle books inside the Kindle app on an iPhone.

Amazon and Spotify were able to update existing apps that had already been approved with changes enabled by last month’s order. After Epic sued Apple, the iPhone maker revoked Epic’s developer account in addition to booting Fortnite.

Epic was able to get a European developer account and now offers Fortnite in Europe through a third-party app store under the Digital Markets Act, which went into effect last year. IPhone users can also play Fortnite through cloud gaming services. But even in Europe, Apple tried to terminate Epic’s account before backing off, Epic said.

The fees that Apple takes from the App Store are an increasingly important part of Apple’s business. They’re reported in Apple’s Services business, which also includes advertising, AppleCare warranties, payments, and subscription offerings such as Apple TV+. Apple reported nearly $27 billion in services revenue during the March quarter.

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Waymo says it reached 10 million robotaxi trips, doubling in five months

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Waymo says it reached 10 million robotaxi trips, doubling in five months

A Waymo self-driving car, seen with a driver, stops at a red light outside the U.S. Capitol in Washington, D.C., on Friday, March 31, 2025.

Bill Clark | CQ-Roll Call, Inc. | Getty Images

Waymo co-CEO Tekedra Mawakana told CNBC on Tuesday that the Alphabet-owned ride-hailing company has reached 10 million trips, doubling in the past five months.

“These are all paid trips, and they represent people who are really integrating Waymo Driver into their everyday lives,” said Mawakana, speaking at the Google I/O developer conference. The 10 million figure includes rides in Austin, Los Angeles, San Francisco and the Phoenix area.

Waymo is delivering more than 250,000 paid robotaxi rides a week, Alphabet said in its April earnings report. On Monday, Waymo said it had won approval to expand its autonomous ride-hailing service to more parts of the San Francisco Bay Area, including San Jose.

The robotaxi company is part of Alphabet’s “Other Bets” unit. Revenue in the overall category fell 9% in the first quarter from a year earlier to $450 million, and operating loss grew from to $1.23 billion from $1.02 billion a year ago.

While those figures include a number of businesses, Mawakana confirmed that Waymo is not yet profitable but that the company is “super focused on building a sustainable business.”

“We’re proving out that it can be a profitable business,” she said. “There’s a path to profitability.”

Waymo faces potential competition from Tesla, which has promised to launch its robotaxi service in Austin next month. Tesla CEO Elon Musk told CNBC on Tuesday that the plan was still on track, and that the company will start with about 10 vehicles and rapidly expand to thousands if the debut goes well with no incidents.

Musk said Tesla aims to bring its robotaxis to Los Angeles and San Francisco following the planned Austin launch. He has previously claimed Tesla’s “generalized” approach to robotaxis is more ambitious than Waymo’s. Tesla primarily relies on camera-based systems and computer vision instead of using sophisticated sensors including lidar and radar in its vehicles.

Mawakana said that Waymo has taken what it views as the “safest path.”

“There’s probably a lot of ways it can be done, but we’re the only ones that have done it,” she said. “We’ve been doing it 24 hours a day for almost five years. And so to us, it’s really important to focus on safety, not focus on safety and then cost — not cost and then safety.”

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