London and Copenhagen based company expense startup Pleo has raised a second Series Seed funding of $3.25m led by Creandum amongst other investors. Pleo offers a card and app to manage company expenses.
Launched officially in July 2016, Pleo consists of the Pleo MasterCard, a prepaid card that can be charged up and handed out to employees, either physically or virtually. This is then coupled with Pleo’s backend system and app, making the card somewhat intelligent and able to categorise spending automatically as well as capture any receipts associated with each transaction. Similar to Soldo’s newly-launched business offering, each Pleo user can have different spending rights, such as ‘per transaction’ or weekly/monthly limits, with these permissions controlled and monitored via the central Pleo company dashboard. Transactions are updated in real time, too, and the prepaid element means no waiting to be reimbursed and less waiting for approval, which is traditionally a real pain-point for employees and companies alike. The platform is also able to export data to a company’s accounting system.