Pleo, a Danish financial services firm, as per recent reports this week, has just closed a Series B financing round, raising $56 million in investment funding. The recent funding round was led by Stripes, a New York, NY-based private equity firm, and was participated by Pleo’s existing investors, Kinnevik, Creandum and Founders. With this recent funding round Pleo, to date has raised a sum total of $79 million in investment funding.
The company was established in 2015 with a prime focus on transforming the laborious business expense process. Last year, Pleo raised $16 million in Series A funding, a turning point in Danish history, with Pleo’s Series A being the largest fundraising event in the past decade and the recent fundraiser is Denmark’s largest Series B Funding round.
In its statement, the Danish firm claims that over 3,500 companies of all sizes and verticals have decided to go for the Pleo switchover across the UK, Denmark, Germany, and Sweden.
The company specializes in providing smart company cards that being paired with software and mobile apps, automates the receipt matching process and provide real-time tracking of all company spending with detailed analytics. The Pleo platform, integrating directly with accounting software providers, eliminates the need for expense reporting and automates the bookkeeping task.
“Managing work-related spending has traditionally caused headaches for employees and their employers alike. Pleo is making the whole process simpler, quicker and more transparent,” comments Jeppe Rindom, co-founder and CEO at Pleo. “We are building a solution to fit the needs of today’s modern workforce – reshaping how businesses manage company spending, and how they operate, enabling staff to feel more empowered and ultimately more productive.”