Danish fintech startup Pleo, a top30 team at Arctic15 a few months ago, has raised $3 million.
Pleo’s corporate cards eliminate the need to do expense reports, save receipts, share a company card and wait for reimbursements. All the data captured about the purchases can be fed directly into the customer’s accounting software system, which significantly reduces the administrative complexities of the finance function.
“Every company knows the pains and complexities of dealing with expenses. The amount of interest we have received in the past few months and the sheer number of signups for early access on our website is a glaring indicator that we really are onto something,” says CEO of Pleo Jeppe Rindom.
Founders Rindom and Niccolo Perra are fintech veterans and serial entrepreneurs, really knowing inside out what they are up to. Jeppe has experienced the pain very thoroughly himself – chasing unknown transactions, receipts and dealing with dodgy expense reports as a CFO.
The seed financing round was led by Founders, a startup studio backed by Lego-investor Kirkbi A/S, Anders Holck Povlsen (owner of Bestseller A/S and a major shareholder in Zalando and ASOS) and the Oticon Foundation (majority owner of the hearing aid company William Demant A/S).
More than 650 companies, in total with over 10.000 employees, have already signed up for early access to Pleo.