Fintech Pleo, the business spending platform based around smart company cards, has raised $56 million in a Series B financing round led by Stripes, a New York-based growth fund.
“Pleo is making the whole process simpler, quicker and more transparent”
The round has seen participation from existing investors, Kinnevik, Creandum and Founders. The round brings the total amount raised by the company to $79 million.
Founded in 2015 with the aim of transforming the laborious business expense process, Pleo achieved a $16 million Series A funding round last year. It was Denmark’s largest Series A in a decade and today’s fundraise is Denmark’s largest Series B.
The firm says that more than 3,500 companies of all sizes and verticals have switched to Pleo across the UK, Denmark, Germany and Sweden.
Pleo provides smart company cards paired with software and mobile apps to automatically match receipts and track all company spending in real-time with detailed analytics. Pleo eliminates expense reports and automates bookkeeping tasks as it integrates directly with accounting software providers.
“Managing work-related spending has traditionally caused headaches for employees and their employers alike. Pleo is making the whole process simpler, quicker and more transparent,” comments Jeppe Rindom, co-founder and CEO at Pleo. “We are building a solution to fit the needs of today’s modern workforce – reshaping how businesses manage company spending, and how they operate, enabling staff to feel more empowered and ultimately more productive.”
Pleo has on average quadrupled the number of cards within a company, making it one of the biggest corporate card providers in the Nordics.
Pleo will use the funding round to more than triple its headcount, from 120 to 400 employees by the end of 2020 and to accelerate product development as it aims to service the entire purchase process for SMEs across the whole of Europe. This includes adding credit, invoices, mobile payments, a vendor marketplace, VAT reclaim and more.