London fintech platform raises over $50m Series B investment with New York funder

Today (May 14), fintech company Pleo has announced a $56m Series B financing round led by New York growth fund Stripes.

Pleo is an all-in-one business spending platform based around smart company cards. Funding has also been received from existing investors including Kinnevik, Creandum and Founders.

The round brings the total amount raised by the company to $79m.

Pleo was founded in 2015 with the aim of transforming the laborious business expense process.

Last year’s $16m Series A funding round was Denmark’s largest in a decade and today’s fundraise is Denmark’s largest Series B.

Jeppe Rindom, co-founder and CEO at Pleo, said: “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. 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.

“By making the employee experience our primary focus from day one, we’ve achieved outstanding growth, rave reviews and extremely strong customer satisfaction and loyalty.”

More than 3,500 companies of all sizes and verticals, have reportedly 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.

Jeppe added: “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.”