SX1509 16 Output I/O Expander Breakout

I am looking to control around 15 LEDs.
I do have a Arduino Mega but I am looking to save pins.
I found this device below and would like to know what I will have to do to interface this with the Arduino.
On the product page it says "1.2V and 3.6V (5.5V tolerant) " does this mean I can connect the device to 5 volts and run the output pins to the LEDs on 5 volts? Or is it just for signal voltages?

Thank you for your help

You want either a shift register or a TLC5940. The chip you have linked really isn't designed for a lot of power.

"5.5V tolerant" means that its normal signaling voltage is only 3.3V but it will accept a 5.5V input.