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.
“It’s quite amazing what we have achieved in just a year in only two countries, since our launch from beta,” said co-founder Jeppe Rindom.
“We’ve seen tremendous growth and great reception, due to our very focused and localised approach. Our NPS score is around 80, we receive incredible reviews and have negative churn, all very clear indicators that we are on the right path.”
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.
“We are expanding our product offerings to fit more complex needs of bigger organisations by adding more customized workflows, different integrations and premium offerings very soon,” added Rindom.
“Our objective is to become a default solution to handle all company spending for businesses of different sizes and needs, in each of the new markets we enter.”