Denmark’s Pleo, a platform for automating expenses reports, has secured $3 million in seed funding led by Founders.
Pleo is a solution designed to reduce the administrative burden of managing and approving expenses. Though the platform, managers can assign hard or soft payment cards to employees to make business-related purchases.
It’s intended to cut out the traditional company credit card process where employees need to wait to get a hold of the card or get approval for a purchase. In turn the records of the purchases are fed back into the Pleo dashboard for managers to monitor employee spending.
Pleo is currently in beta and available in the UK and Denmark with more than 650 companies signed up for early access. These new funds will be used to push its public launch and further the product development.
“The amount of interest we have received in the past few months and the sheer number of signups for early access on our website is a glaring indicator that we really are onto something,” said CEO Jeppe Rindom.
“Pleo is a good example of how breakthrough technology and modern design can create superior user experiences and save business people time and frustration,” said Founders partner Stefano Zorzi. “It has been inspiring to see the team getting to this point, and we look forward to support them in the next stages of growth.”