Pleo raised a $16m Series A investment round led by Kinnevik

Denmark Sweden Investments 30 May 2018
Share on FacebookShare on Twitter

Pleo, a Copenhagen and London based Danish startup offering smart company payment cards, announced securing $16M in a series A investment round.

The backers were led by Swedish investment house Kinnevik, joined by existing investors Creandum, Founders and Seedcamp.

The money will be used to hire more people in Denmark, UK and other countries around Europe, expanding from 50 to more than 200 employees by the end of 2019 to help scale and accelerate product development.

Pleo, founded in 2015 by Niccolo Perra and Jeppe Rindom, combines payment cards that can be easily assigned to employees with individually set limits, with software and mobile apps to automatically match receipts and track all company spending in real-time with detailed analytics. The company is only available in the UK and Denmark, with around 1500 clients signed up in 2017.

Prior to this round, Pleo raised a total of about $7M from venture companies and angel investors from the Nordics.