Danish fintech startup Pleo raises massive $56 million to boost its expansion in Europe

Danish fintech startup Pleo raises massive $56 million to boost its expansion in Europe

Danish fintech startup Pleo, born out of Copenhagen-based startup studio Founders, has closed a Series B round to the tune of $56 million, less than a year after raising $16 million.

The round was led by by New York growth fund Stripes with participation from prior backers Kinnevik, Creandum and the aforementioned Founders.

Pleo's mission is to completely upend the arduous business expense process and making it simpler, faster, more secure and transparent by virtually eliminating the manual aspect. The startups offers corporate cards paired with software/mobile apps to automatically match receipts and track all spending company-wide in real-time, with analytics and accounting software integrations to boot.

The company already works with more than 3,500 SMEs across the UK, Denmark, Germany and Sweden. Pleo now wants to step up its expansion plans, by tripling its headcount to 400 people in the next 18 months and by accelerating its product development plans to cater to more markets (and other business needs aside from tracking spending).

"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," commented 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."

Some related reading:

“Life is Growth” – A new tech.eu + Stripe report on how, where and when European tech companies start scaling up

Sweden’s Anyfin scores €8 million in funding to help consumers refinance their loans

Softbank invests €900 million in Germany’s Wirecard

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