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Recently, Copenhagen-based fintech company Pleo raised €50 million in a Series B financing round led by Stripes, a leading New York-based growth fund, with participation from existing investors, Kinnevik, Creandum and Founders.
Denmark’s largest Series B!
The round brings the total amount raised by the scale-up to €70 million. Having said that, the Danish fintech startup will be utilising this fund to expand its workforce from 120 to 400 employees by the end of 2020.
In addition to that, the Pleo intends to accelerate product development 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.
“While we are competing with banks in this one area we are not aiming to become one. We remain committed to providing the best product in the market for business spending. We haven’t touched the funds from our Series A round less than a year ago, yet we see enormous potential and demand for Pleo. We are delighted to partner with Stripes and are confident the partnership will help us achieve our ambition to become the de facto standard for business spending,” comments Jeppe Rindom, co-founder and CEO at Pleo.
Aims to become the de facto standard in business spending
Founded by ex-Tradeshift early employees Jeppe Rindom and Niccolo Perra, Pleo offers smart payment cards for employees to buy things they need for work while keeping the companies in control of spending.
“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,” continues Rindom.
No more lost receipts!
With this platform, the company wants to revolutionises business spending by reducing administrative complexity, eliminating expense reports and simplifying bookkeeping. They provide smart company cards paired with software and mobile apps to automatically match receipts and track all company spending in real-time with detailed analytics.
Eliminates manual expense reports!
The Pleo MasterCard is a prepaid card with flexible individual spending limits that can be charged up and handed out to employees, either physically or virtually. Notably, the software can categorise spending automatically with each transaction as well.
3500 companies and counting!
More than 3500 companies have switched to Pleo across the UK, Denmark, Germany and Sweden. Its customers include Airsorted, The Tab, Lyst, Yoyo, Pizza Pilgrims and Roskilde Festival amongst others, with hundreds of new businesses joining Pleo every month.
Stay tuned to Silicon Canals for more updates in the tech startup world.
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