Pleo Collaborates With J.P. Morgan And Mastercard On Next-Gen Corporate Credit Cards

Pleo, a fintech offering a business spending platform based on smart company cards that automate expense reports, today announced it will be able to offer its customers a variety of new features and scale faster across Europe thanks to a new collaboration with J.P. Morgan and Mastercard products:

  • Pleo will be able to offer corporate credit cards, switching from a prepaid card offering model
  • Danish fintech recently raised $56M in Series B round led by New York-based growth fund Stripes, the largest Danish Series B round to date

J.P. Morgan is providing an Application Program Interface (API) solution that allows Pleo to manage its cash positions more efficiently and to process customer payments in real-time. To date, Pleo’s corporate spending cards have been prepaid smart company cards, which can be paired with accounting software and mobile apps to automatically match receipts and track all company spending in real-time. By automating expense reports it saves companies time and money.

Moving from prepaid cards is just one part of the infrastructural change. The company also secured an e-money license in Denmark to serve credit to their key clients across Europe. These changes will allow Pleo 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.

Jeppe Rindom, CEO and co-Founder of Pleo said: “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.”

“We have invested a lot of effort and resources behind the scenes to bring something to the market that will differentiate us from both direct competitors and standard bank offerings currently available on the market. This strong foundation along with new upcoming features including: out of pocket expenses and mileage, subscription management, instant credit approvals and invoice payments, will make Pleo the go-to spending solution for businesses,” added Rindom.

“We have delivered a real-time banking experience for Pleo, powered by APIs,” says Tristan Attenborough, M.D. in EMEA Wholesale Payments at J.P. Morgan. “The technology and our co-development approach means Pleo is now better placed to serve European SMEs and help them manage their expenses through a powerful combination of automatic liquidity management, real-time payments and multicurrency credit cards.”

“At Mastercard, we’re excited to be closely partnering with Pleo bringing their new corporate credit card offering to the European market. SMEs of all sizes will be able to benefit from the Mastercard worldwide acceptance network and Pleo’s advanced business technology to make company spending easier and more transparent,” adds Scott Abrahams, Senior Vice President, Business Development and Fintech at Mastercard.

In May 2019, Pleo raised a $56M Series B financing round led by Stripes, a leading New York-based growth fund, with participation from existing investors, Kinnevik, Creandum and Founders. The round brings the total amount raised by the company to $79M.