Danish fintech company Pleo closes its Series B investment round, after obtaining a full $56 million in funding.
The Copenhagen and London based company is planning to use this backing to expand its team. Pleo currently has 120 people working for them, and are now planning to increase this by an additional 280 employees.
Pleo was founded in 2015 by Jeppe Rindom and Niccolo Perra. Every year since, the company has procured funding from investment companies such as Creandum, Founders A/S, Investment AB, Louise Samet, VF Venture and others. In the past it has secured more than $20 million in funding.
Pleo – the business
Pleo has tapped into the market of business-to-business transactions. Unlike large financial transaction players on the global market, such as Paypal and Strips, Pleo has kept away from the 'end consumer' market.
Pleo's "business spending platform", is perhaps best described as a fintech solution that ”[offers] smart payment cards to employees, [and] enables everyone to buy whatever they need for work, all the while making sure the company remains in full control of spending.”
Pleo’s services are available in Denmark, Sweden, Germany, and Britain and collectively has approximately 3 500 customers.
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