Pleo, a start-up that offers companies payment cards and uses artificial intelligence (AI) techniques to automatically match receipts, has raised $3 million.
The London and Copenhagen-based fintech firm is hoping to take on the likes of SAP-owned Concur and Expensify.
"It's about bringing a new spending solution to businesses. We have always felt the pains of managing company purchases, sharing credit cards, keeping track of receipts and understanding all of that. TI's something every executive hates," Jeppe Rindom, chief executive of Pleo, told CNBC by phone.
Companies that use Pleo can have cards issued to individual employees with each one having its own limits or conditions. As soon as a person makes a purchase, the mobile app sends a push notification about how much was spent. A user can then quickly take a picture of the receipt, or if it's an invoice sent to an email address, Pleo's app will automatically recongnize this and upload it.
Pleo's is building its AI technology to be able to categorize spending. For example, if you spend $10 at a gas station, the app is learning to recognize if it was on food or petrol.
The start-up is just one-and-a-half years old and is currently in beta, testing with several hundred businesses of between 10 and 200 employees.
Pleo's $3 million funding was led by by Founders, a startup studio backed by Kirkbi A/S, Bestseller and William Demant Invest.
Rindom said the money would be used to scale and add features, particularly investing in the development of its AI.
"At the moment we onboard one customer a day. But we see 10 customers reaching out. So we need to resolve that. We also need to bring on more features," Rindom told CNBC.