Pleo, the multi-card business spending platform, closes $56M Series B

Pleo, the Danish fintech that offers a “business spending platform” that lets companies easily issue employees with cards and manage expenditure, has raised $56m in Series B funding.

The round was led by Stripes, the New York-based growth fund, with participation from existing investors, Kinnevik, Creandum and Founders.The new funding values the company just under $500m and brings the total amount raised to $79m.

The Pleo MasterCard is 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 apps. Features of the software includes the ability to categorise spending automatically and capture receipts associated with each transaction.

Pleo will use the new funding to expand its staff from 120 to 400 employees by the end of 2020. It also plans to accelerate product development, which will include adding credit, invoices, mobile payments, a vendor marketplace, VAT reclaims and more.

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