Copenhagen and London-based company card startup Pleo has landed backing from prominent Nordic VC Creandum.
Previously investing in regional heavyweights such as Spotify and fintech players Klarna and iZettle, Creandum led a fresh $3.25m investment into Pleo.
The company says the new capital is as addition to its seed round that now totals $5.5m.
London-based early-stage investor Seedcamp and existing backer Founders also participated.
Pleo allows businesses to offer company MasterCards with individually-assigned spending limits to employees.
Its connected software is designed to manage receipts, handle expenses, provide overviews of company spending and connect to accounting software to automate bookkeeping tasks.
Pleo CEO Jeppe Rindom said: “Making purchases in our private life is becoming easier, but business purchases are still burdened with outdated and broken processes, before and after each payment is done.
“With Pleo we help businesses cut down this time and empower employees, keeping managers in full control over all their finances.
“As a result, we are seeing great feedback from our customers and are winning business from the existing banks.”
Currently available in the UK and Denmark, the company will use the investment, in part, to expanding its UK team.
Pleo will also invest in new feature around subscription payments and look to integrate with more business software providers.
Creandum general partner Johan Brenner will join the company’s board as a result of the deal and said: “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.”
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