May 13, 2019 / 11:03 PM / 4 months ago

Denmark's Pleo raises $56 million to expand in Europe

STOCKHOLM, May 14 (Reuters) - Copenhagen-based financial technology startup Pleo said on Monday it had raised $56 million in a funding round led by New York-based investor Stripes, and planned to more than triple its staff numbers by the end of next year.

Including the new funding, the firm, which provides smart company cards paired with software that automates expense reports and simplifies company spending, has raised $79 million in total.

Pleo co-founder and Chief Executive Jeppe Rindom declined to give an exact figure for the company’s valuation, but said it had quadrupled since last year, while revenues were on track to triple.

Existing investors Kinnevik, Creandum and Founders also participated in the new financing round, which will be used to raise the company’s headcount to 400 employees by the end of 2020, and to accelerate product development.

Available in Britain, Germany, Denmark and Sweden, Pleo has more than 3,500 customers, with hundreds of new businesses joining every month, it said. (Reporting by Helena Soderpalm; Editing by Mark Potter)

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