Late-stage fintech startup Pleo, which offers expense management tools and “smart” company Mastercards, says it plans to raise a Series C round of funding this summer. It’s also launching a B2B bill payments service this week.
Co-founder and CEO Jeppe Rindom told me via a call: “We have money until 2022, but we’ve seen incredible momentum in the past couple of quarters, and we are getting a lot of inbound interest so we will be fundraising a Series C round in the summer and will be raising around $100 million.”
Pleo has raised $78.8 million to date. Its last funding round was $56 million in May 2019. Its main investors include Seedcamp, Creandum, Kinnevik, Stripes and Founders.
The startup competes on some levels with Dext, Soldo, Spendesk and Expensify.
Pleo is today launching Bills, a platform to consolidate, track and pay business-to-business bill payments and a supplier’s terms of service. It will offer free-of-charge domestic transfers.
Bills are automatically processed using Pleo’s OCR technology and cross-referenced for duplication and validated for authenticity before being approved for payment.
In addition, it will offer approval control for admins and free domestic transfers.
Rindom added: “Since 66% of admins told us that they spent half their time on processing bills as well as authenticating the validity of them, it became our mission to simplify this complicated process and provide an end-to-end overview of it.”
Pleo was founded in Copenhagen in 2015 by Rindom and Niccolo Perra, who were early team members Tradeshift.