business payment

Pleo, a London and Copenhagen-based payments startup, has raised a $3.25m round led by Creandum. This brings the firm’s total Seed funding round to $5.5m.

Founded out of Seedcamp, Pleo enables businesses to distribute smart payment cards with individually-assigned limits to employees, which then pair with an app to fully automate expense reports.

Pleo also integrates with accounting software providers to automate firms’ bookkeeping tasks.

The round, which also drew support from Seedcamp and Copenhagen-based VC Founders, will enable Pleo to grow its UK team.

Jeppe Rindom, CEO of Pleo, commented: “We are seeing great feedback from our customers and are winning business from the existing banks, and on top of that, we’re expanding the market size, which is why we are growing our team.”

Currently available in the UK and Denmark, Pleo says it will also use the funding to introduce new features to help companies handle subscriptions and work on integrating with more software providers.

Following the deal, Johan Brenner, general partner at Creandum, will join the Pleo board. He commented: “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,” he added.