A London and Copenhagen FinTech platform based around smart company cards has announced a $56M Series B financing round.

Pleo, which automates manual expense reports and out of pocket expenses, secured the funds for a European expansion in a 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 company to $79M.

Pleo works with over 3500 SMEs across the UK, Denmark, Germany and Sweden with hundreds of new businesses joining every month. Customers include the likes of Airsorted, The Tab, Lyst, Yoyo and Pizza Pilgrims.

Founded in 2015, Pleo Last year’s $16M Series A funding round was Denmark’s largest in a decade and today’s fundraise is Denmark’s largest Series B.

related story
FinTech Pleo eyes European expansion after $16m boost

“Managing work-related spending has traditionally caused headaches for employees and their employers alike,” said Jeppe Rindom, co-founder and CEO at Pleo.

“By making the employee experience our primary focus from day one, we’ve achieved outstanding growth, rave reviews and extremely strong customer satisfaction and loyalty.”

Pleo will use the funding round to more than triple its headcount, from 120 to 400 employees by the end of 2020 and accelerate product development as it aims to service the entire purchase process for SMEs across Europe, including adding credit, invoices, mobile payments, a vendor marketplace, and VAT reclaim.

“While we are competing with banks in this one area we are not aiming to become one. We remain committed to providing the best product in the market for business spending.

“We haven’t touched the funds from our Series A round less than a year ago, yet we see enormous potential and demand for Pleo,” added Rindom.