vPleo is an out-of-the-box business spending solution, which provides smart payment cards for employees letting them buy things that they need for work and giving companies complete control and visibility of all their spending.
Founded in 2015 by Niccolo Perra and Jeppe Rindom in Copenhagen, Pleo catches receipts on-the-go, categorises expenses automatically based on previous behaviour and eliminates the necessity to do manual expense reports.
In May 2019, Pleo raised $56 million (nearly €50 million) Series B financing round led by Stripes, a leading New York-based growth fund along with participation from existing investors including Kinnevik, Creandum and Founders.
Collaborates with J.P. Morgan and Mastercard!
In a recent development, Pleo announced that it has entered into a collaboration with J.P. Morgan and Mastercard products. With this collaboration, the Danish fintech company will be able to provide its customers with a variety of new features. Also, it eyes to scale faster across Europe. J.P. Morgan is providing an API, which allows Pleo to manage its cash positions efficiently and process customer payments in real-time.
Expansion into new markets
To date, the corporate spending cards offered by Pleo have been prepaid smart company cards that can be paired with mobile apps and accounting software to match receipts automatically and track the spending. Now, it saves time and money for companies by automating the expense reports.
Making the transition from prepaid cards to corporate credit cards is a part of its planned infrastructural change. The fintech company recently secured the e-money license in Denmark to serve credit to their major clients across Europe. With these changes, Pleo will be able to expand into new European territories faster. Of these, Spain and Ireland will be the first ones in 2020. The company also plans to expand into four new markets later this year.
Already, Pleo is used by over 6000 companies across six markets such as UK, Denmark, Sweden, Germany, Ireland, and Spain. And, the company has four office locations in London, Berlin, Copenhagen, and Stockholm.
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