UK workers lose £2.1 billion every year by not claiming expenses, start-up Pleo wants to change that

More than one-third of workers say they never claim business expenses back, and over half say they will not claim unless they are owed more than £5. All of this is to the detriment of UK workers who are losing £2.1 billion every year through unpaid business expenses. The London and Copenhagen-based start-up named Pleo wants to change this. The company has announced it has raised £12 million in Series A funding to power its mission to revamp expenses. The fintech start-up uses smart payment cards, like the Monzo pre-paid cards, combined with a mobile app to automatically match receipts and track company spending in real-time. Managers can set limits on individual cards, giving themselves more control over spending, and employees more autonomy. Since coming out of beta mode last year, around 1,500 companies in the UK and Denmark are already using Pleo’s technology.

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