Fintech startup Pleo has raised $16m in a Series A financing round led by European venture fund Kinnevik, to support the expansion of its smart company payment cards.

The funding round, which was also joined by investors Creandum, Founders and Seedcamp, brings the total amount raised by the fintech to $23m.

Pleo’s cards are meant to allow easy expense management. The firm combines payment cards with software and mobile apps in order to automatically match receipts and for tracking all company spending in real-time.

As Pleo can directly integrate with providers of accounting software, it also automates bookkeeping tasks, in turn saving time and money for its customers.

The firm is currently available in the UK and Denmark, and gained approximately 1,500 clients last year.

The company intends to use the funds for local as well as international expansion.

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By GlobalData

Pleo also plans to grow its workforce from existing 50 to more than 200 by the end of 2019, along with bolstering product development.

Pleo co-founder Jeppe Rindom said: “It’s quite amazing what we have achieved in just a year in only two countries, since our launch from beta. We’ve seen tremendous growth and great reception, due to our very focused and localised approach.

“We are expanding our product offerings to fit more complex needs of bigger organisations by adding more customised workflows, different integrations and premium offerings very soon.

“Our objective is to become a default solution to handle all company spending for businesses of different sizes and needs, in each of the new markets we enter.”