Pleo completes a $56M capital investment round
Pleo, a Copenhagen, Denmark and London, UK-based company providing payment card solutions that automates expense reports and simplifies company spending, announced that it completed EUR 50M ($56M) in capital investment.
The money will be used to increase the team from 120 to 400 employees by the end of 2020, and to accelerate its product development as it plans to add more services to its offering for SMEs in Europe, including credit, invoices, mobile payments, a vendor marketplace, VAT reclamation, and more.
Pleo, founded in 2015 and led by CEO Jeppe Rindom, developed a service that provides companies with payment cards that can be easily assigned to employees, with individually set limits. Their product is a smart company card linked to software and mobile apps, and which automatically matches receipts and tracks all company spending in real-time with detailed analytics.
Pleo has about 3,500 customers and is available in Britain, Germany, Denmark and Sweden. Prior to this round, Pleo raised more than $20M in funding.