Copenhagen and London-based fintech company Pleo has landed $16 million in a Series A financing round led by Kinnevik and joined by Creandum, the Founders startup studio, Seedcamp and Vækstfonden.
Pleo's solution combines smart payment cards that can easily be assigned to employees with individually set limits with software and mobile apps to automatically match receipts and track and analyse all company spending in real-time.
Its service makes buying things easier without expense reports and automates bookkeeping tasks as it integrates directly with accounting software providers.
Currently available only in the UK and Denmark, around 1,500 companies have signed up for Pleo to date.
The startup will use the fresh cash to expand its services across Europe, and double down on hiring to accelerate product development and start catering to the more complex needs of bigger organisations.