Danish fintech company Pleo, a smart payment card issuer focused on business, has rolled out a new feature to track out-of-pocket expenses.
Pocket sits within the Pleo app and covers a range of the most common occasions when employees spend their own cash on work-related purchases.
The new feature also covers mileage claims, with Pleo digitising the outdated methods of tracking petrol costs for employees who travel for work. Expenses paid with cash and the use of company cards for personal purchases will now be trackable with Pocket.
Pleo is rolling out the feature to more than 10,000 customers across the UK, Denmark, Sweden, Germany, Ireland and Spain who currently use its cards and app to manage their expenses.
The fintech company says Pocket will ensure that when both employee and employer log in, they will be able to get a full overview of who owes what, with easy settlement.
Luke Richardson, director of brand and communications at Pleo, said: “Pleo stands for the future of work, and there’s a strong connection between this and digitising the workforce, and ditching cash. However, Rome wasn’t built in a day, and we acknowledge that we need to provide tools that bridge the gap between digital and analogue work experiences.”
“This is what we’re doing by launching Pocket, creating a set of features that can support businesses regardless of whether they’re dealing with online or offline payments.”
Pleo closed a $56 million series B round in May 2019, led by New York-based growth fund Stripes. The company is supported by strategic and technical partnerships with Mastercard, J.P. Morgan and Danske Bank.