“Tackling the $3Bn Expenses Economy”
Their own experience led Jeppe Rindom and Niccolo Perra to the view that ‘out-of-pocket ‘ purchasing and expense reports were broken concepts. Their solution, Pleo, removes the pain point for employees left out of pocket waiting for expenses to be reimbursed.
The business spending platform combines a pre-paid Mastercard with an app and has over 3,500 business clients across the UK, Denmark, Germany and Sweden. A $56M funding round in May 2019 will allow the business to expand to 400 people by 2020.
Pleo also plans to accelerate product development with the aim of servicing the entire purchase process for SMEs across Europe.