London-based fintech Pleo, which offers smart company payment cards and real-time automated expenses software, has raised $16m (￡12m) in a Series A round led by Betterment and Zalando VC investor Kinnevik.
Participating investors included Creandum, Founders and Seedcamp, taking the total amount raised by Pleo to $23m since it was founded in 2015. Currently only available in the UK and Denmark, around 1500 companies have joined Pleo just in the last year, with 10 new UK businesses signing up to the platform every day.
Pleo combines the use of prepaid payment cards, that can be 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 fintech also automates bookkeeping tasks as it can be directly integrated with accounting software providers, hoping to save its customer companies both time and money.
The funds raised from this Series A investment are set to be used for further international expansion across other European countries, where Pleo says it has already begun to see a lot of demand. It also hopes to increase its current staff count from 50 to more than 200 employees by the end of 2019, and use what’s left to help scale and accelerate product development.