May 29, 2018 / 11:01 PM / 3 months ago

Denmark's Pleo raises $16 million in funding led by Kinnevik

STOCKHOLM, May 30 (Reuters) - Copenhagen-based financial technology startup Pleo said on Wednesday it had raised $16 million in a series A funding round led by Swedish investment firm Kinnevik, to add staff and expand in Europe.

* Existing investors Creandum, Founders, Seedcamp and Vækstfonden also participated in the financing round

* The funding will be used to grow Pleo’s headcount from 50 to 200 by the end of 2019 and to support its European expansion

* Pleo provides smart company cards paired with software that automates expense reports and simplifies company spending

* Currently available in the UK and Denmark, Pleo has 1,500 customers, with 10 new businesses joining each day

* Including the new funding, Pleo has raised $23 million in total (Reporting by Stockholm Newsroom)

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