Fintech startup Pleo has raised $16m in a Series A financing round led by European venture fund Kinnevik, to support the expansion of its smart company payment cards.

The funding round, which was also joined by investors Creandum, Founders and Seedcamp, brings the total amount raised by the fintech to $23m.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Pleo’s cards are meant to allow easy expense management. The firm combines payment cards with software and mobile apps in order to automatically match receipts and for tracking all company spending in real-time.

As Pleo can directly integrate with providers of accounting software, it also automates bookkeeping tasks, in turn saving time and money for its customers.

The firm is currently available in the UK and Denmark, and gained approximately 1,500 clients last year.

The company intends to use the funds for local as well as international expansion.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Pleo also plans to grow its workforce from existing 50 to more than 200 by the end of 2019, along with bolstering product development.

Pleo co-founder Jeppe Rindom said: “It’s quite amazing what we have achieved in just a year in only two countries, since our launch from beta. We’ve seen tremendous growth and great reception, due to our very focused and localised approach.

“We are expanding our product offerings to fit more complex needs of bigger organisations by adding more customised workflows, different integrations and premium offerings very soon.

“Our objective is to become a default solution to handle all company spending for businesses of different sizes and needs, in each of the new markets we enter.”