The round was led by New York-based investor Stripes, with participation from existing backers Kinnevik, Creandum and Founders.
The company, which has raised $79m in total funding to date, intends to use the new capital to:
– expand operations,
– accelerate product development, and
– continue to expand in Europe.
Led by Chief Executive Officer Jeppe Rindom, Pleo provides businesses with payment cards and a platform to automate expense reports and simplify spending.
The company’s smart payment cards enable employees to buy the things they need for work, all while keeping the companies in control of spending.
The software platform allows every business to monitor spending by reducing administrative complexity, eliminating expense reports and simplifying bookkeeping.
Currently available in UK, Germany, Denmark and Sweden, the company has more than 3,500 business customers.