Pleo raises $3m to push automated expense reports

Source: Pleo

The London and Copenhagen based fintech startup Pleo, that offers smart company payment cards, today announced a $3M seed financing round led by Founders, a startup studio backed by Kirkbi A/S, Bestseller and William Demant Invest.

Pleo is a simple outofthebox business spending solution. It combines Pleo payment cards, that can be easily assigned to employees and individually set limits, with software and a mobile app to automatically match receipts with payments and track all company spending in realtime.

Most companies today rely on shared company credit cards or employees paying for work related expenses out of pocket, filling out expense reports and waiting to get their money back; a painful process for both the company and the employee that can create friction and adds complexity to the administration.

“ Every company knows the pains and complexities of dealing with expenses. The amount of interest we have received in the past few months and the sheer number of signups for early access on our website is a glaring indicator that we really are onto something,” says CEO of Pleo Jeppe Rindom, who cofounded the company together with Niccolo Perra, his excolleague from Tradeshift.

Currently in beta, Pleo is available to a selected number of companies in the United Kingdom and Denmark with more than 650 companies signed up for early access representing more than 10,000 employees.

“ The company credit cards haven’t changed much in 25 years, but Pleo is not just about reinventing the card, Pleo is about using software and data to create a completely new user experience, making life much easier for both employees, managers and finance folks. We call it ‘a simple spend ing solution for your business’ says Rindom.

“ Pleo is a good example of how breakthrough technology and modern design can create superior user experiences and save business people time and frustration. It has been inspiring to see the team getting to this point, and we look forward to support them in the next stages of growth,” added Stefano Zorzi, partner of Founders.

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