Payment card provider Pleo has collected $16m in its Series A round led by Stockholm venture firm Kinnevik.
Participation also came from existing investors including Creandum, Founders and Seedcamp.
Pleo is a company payments card, both plastic and digital, which lets employers set its workers with individual spend limits. Its app automatically matches receipts and tracks all company spending in real-time with detailed analysis.
The platform also automates the expense reporting process and bookkeeping by integrating directly with accounting software. Pleo offers quick onboarding which lets a client use its current bank and get going within minutes, as well as fraud detection to identify suspicious purchases.
Founded in Copenhagen in 2015, the app is currently available in Denmark and the UK, with 1,500 companies adopting the service in the last year.
Following this investment, Pleo hopes to expand its platform across Europe, as well as furthering the development of its products. The company is hoping to increase its staff count in Denmark and the UK, as well as other European countries, with a goal of going from 50 to 200 employees by the end of 2019.
Pleo co-founder Jeppe Rindom said, “We are expanding our product offerings to fit more complex needs of bigger organisations by adding more customized workflows, different integrations and premium offerings very soon. Our objective is to be become a default solution to handle all company spending for businesses of different sizes and needs, on each of the new markets that we will enter.”
This capital injection brings Pleo’s total funding efforts to $23m. Prior to this round, the company bagged a $3.25m equity line from Creandum early last year and a $3m round from Founders in 2016.
Copyright © 2018 FinTech Global
