Pleo, a Copenhagen, Denmark- and London, UK-based fintech company, raised $16m in Series A financing.
The round was led by Kinnevik with participation from Creandum, the Founders startup studio, Seedcamp and Vækstfonden.
The company intends to use the funds to expand its services across Europe and accelerate product development.
Co-founded by Niccolo Perra and Jeppe Rindom, Pleo provides smart payment cards that can be assigned to employees with individual limits and software and mobile apps to match receipts and track and analyze all company spending in real-time.
The solution, which integrates directly with accounting software providers, is currently used by approx. 1,500 companies in the UK and Denmark.