London’s Pleo raises over $50m Series B investment

This week, fintech company Pleo announced it’s $56m Series B financing round. The round was led by Stripes, the New York growth fund.

Pleo is an all-in-one business spending platform centred around smart company cards. Alongside Stripes, existing investors have also contributed including Kinnevik, Creandum and Founders.

Last year the company had a $16m Series A funding round and this latest funding round brings the company’s total amount raised to $79m.

Founded in 2015, Pleo aims to revolutionise the laborious business expense process, using smart company cards paired with the Pleo platform.

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.”

Currently more than 3,500 companies of all sizes have switched to Pleo across the UK, Denmark, Germany and Sweden.

Pleo provides businesses with smart company cards and software and mobile apps that will automatically match receipts, tracking 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.”