Copenhagen based virtual card startup has raised €50m in a Series B financing round led by Stripes Group.
Copenhagen-based Pleo provides companies with payment cards that can be easily assigned to employees, with individually set limits. Pleo’s smart company cards are linked to software and mobile apps, automatically matching receipts and tracking all company spending in real-time with detailed analytics. The fintech thus eliminates the need for expense reports and automates bookkeeping tasks, integrating directly with accounting software, and saving companies both time and money. Founded in 2015, Pleo today announced it has raised €50 million in a Series B financing round led by Stripes, a leading New York-based growth fund, with participation from existing investors Kinnevik, Creandum and Founders. The round brings the total amount raised by the scale-up to €70 million.