Copenhagen-based fintech startup Pleo, which offers smart company payment cards that eliminate expense reports, is announcing a partnership with the Scandinavia’s biggest provider of e-receipts, Storebox.
Fully automated ‘end-to-end’ expense reporting
The partnership makes it possible that purchases made on Pleo cards will automatically be matched with an electronic receipt when used. With over 5 000 merchants in the Storebox network, this partnership will be the first fully automated ‘end-to-end’ expense reporting solution at a larger scale.
The idea is simple. Most companies still spend a lot of time and money chasing paper receipts, filling, approving and reviewing expense reports and doing tedious bookkeeping tasks. Pleo is working to reduce this time significantly. And with partnerships like these, the aim is to automate as much as possible, making company spending completely frictionless.
“We are excited to announce that we are now making this step even easier by partnering with Storebox, saying goodbye to paper receipts once and for all.” says Jeppe Rindom, who co-founder.
The startup was started by Jeppe Rindom and Niccolo Perra in 2015, both early employees at the Danish startup success, Tradeshift. Pleo has raised € 4.5 million investment so far, led by Creandum, Founders, Seedcamp and several angel investors. And it has big plans for the future.
“This partnership enables us to build a new generation of company spending. We are excited to see that Denmark is paving the way for the future of payment technology by enabling companies not to go only cashless and adopt mobile payments but also go paperless with Storebox and Pleo. The world will follow soon and we are talking with several new companies in the UK that are exploring the digital receipts space,” adds Jeppe.
Currently available only in Denmark and the United Kingdom, where it has more than 1 000 companies using Pleo. The company is planning to expand the service to other Nordic countries and European countries later this year.