Fintech lands collaboration with J.P. Morgan and Mastercard for European expansion

A fintech with offices in London and Copenhagen has secured a partnership with J.P. Morgan in a bid to expand across Europe.

Pleo, which offers a business spending platform based on smart company cards that automate expense reports, is being provided with an Application Program Interface (API) solution by J.P. Morgan.

The news comes as the company has secured an e-money license in Denmark to serve credit to their key clients across Europe enabling it to expand into new European territories faster, the first being Spain and Ireland in 2020, with four new markets expected by the end of the year.

In addition, Pleo raised a $56M Series B financing round led by Stripes with participation from existing investors, Kinnevik, Creandum and Founders in May last year.

Jeppe Rindom, CEO and co-founder of Pleo, commented: “We are growing up as a company to better serve Small and Medium Enterprises (SMEs), as well as larger companies.

“Collaborating with J.P. Morgan and Mastercard will enable us to scale our revolutionary technology faster across Europe and help us move from our initial version of a product – the prepaid card – to something much more scalable for the future and more widely accepted – corporate credit cards.”

Scott Abrahams, senior vice president of business development and fintech at Mastercard, added: “At Mastercard, we’re excited to be closely partnering with Pleo bringing their new corporate credit card offering to the European market.”