Danish fintech Pleo, which links company cards directly with expense reports, has raised additional $3.25 million, extending its seed round to $5.5 million. The new funding round was led by Creandum, a Nordic venture fund and early investor in Spotify and iZettle, with participation by Seedcamp and Founders.
Pleo’s software automatically matches receipts to payments, eliminating expense report headaches and providing a real-time overview of company spending. On top of that, it integrates directly with accounting software providers, so tedious bookkeeping tasks are done automatically.
“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,” Johan Brenner, General Partner at Creandum, said in a statement.
More than a thousand companies have signed up for early access. Pleo is currently available for companies in Denmark and UK through a monthly subscription, which includes both the cards and the software. In the upcoming months, Pleo will be growing their team in the UK, introducing more features to help companies handle subscriptions, and work on integrating with more software providers.