London and Copenhagen-based fintech startup Pleo, which offers a card and app to manage company expenses, has closed an additional $3.25 million in funding. The round was led by European VC firm Creandum, with participation from pre-seed and seed investor Seedcamp, and previous backer Founders.
Launched officially in July 2016, Pleo consists of the Pleo MasterCard, a prepaid card that can be charged up and handed out to employees, either physically or virtually. This is then coupled with Pleo’s backend system and app, making the card somewhat intelligent and able to categorise spending automatically as well as capture any receipts associated with each transaction.
Similar to Soldo’s newly-launched business offering, each Pleo user can have different spending rights, such as ‘per transaction’ or weekly/monthly limits, with these permissions controlled and monitored via the central Pleo company dashboard.
Transactions are updated in real time, too, and the prepaid element means no waiting to be reimbursed and less waiting for approval, which is traditionally a real pain-point for employees and companies alike. The platform is also able to export data to a company’s accounting system.
Johan Brenner, General Partner at Creandum, who will be joining the Pleo board, says in a statement: “Dealing with expenses today involves too many manual processes and creates friction for businesses everywhere. With Pleo, it’s now easy to buy things for work and seamlessly manage and control expenses. There are lots of expense apps out there but none that provides the ease of use and integrated solution. We just love strong teams and great products and are proud to partner up with Jeppe and Nicco”.