Pleo has raised $56m in a Series B funding round that was led by US-based growth fund Stripes.
The funding round also saw participation from founders and current investors Creandum and Kinnevik.
So far, Pleo has raised a total amount of $79m through funding rounds.
The proceeds from the latest funding round will allow Pleo to triple its employee count from 120 to 400. The company aims to achieve this by the end of next year.
The company also plans to accelerate product development in order to service the complete purchase process for small and medium enterprises across Europe.
Pleo co-founder and CEO Jeppe Rindom, in a blogpost wrote: “after just three years since we’ve founded Pleo, we’ve reached another important milestone in our company’s history – our $56 million Series B investment round, led by Stripes, a leading growth equity firm from New York.
“Since announcing our $16m Series A round less than a year ago and expanding to new markets in the meanwhile (Sweden and Germany), our growth has been remarkable. The demand we’ve seen for Pleo and our new way of business spending has been immense across different countries, company sizes and industry verticals.”
Pleo offers smart payment cards that enable employees to purchase things while providing companies visibility to monitor spending. Its software platform also enables businesses to reduce administrative complexity.
Its smart payment cards are currently available in UK, Germany, Denmark and Sweden. It has over 3,500 business customers.