The business spending solution aims to provide businesses with a comprehensive set of tools to ‘catalyse mid-market growth’, with updates including the introduction of an overdraft and vendor cars to help businesses control recurring digital payments.
Pleo is hoping to solidify its transition from a single expense-led product to a more all-encompassing finance platform with the expanded range of features.
Company officials said their mission at Pleo is to alleviate stress and make spend management effective and empowering for businesses. They have listened to what customers really need, so by adding these new capabilities to their platform, they are taking their offering to the next level and providing businesses with a comprehensive spend management tool in the market.
According to Pleo, its new overdraft will enable businesses faster access to cash and reduce time spend managing liquidity across accounts.
Pleo is also integrating with business management and accounting platform Oracle NetSuite to allow businesses to automatically export their transactional data and automate expense reconciliation.
The fintech is also launching ‘Vendor’ cards to give finance teams greater control and visibility over recurring digital services payments by centralising and limiting payments.
In June 2023, Pleo has extended its partnership with Yapily to automate account top-ups and adopt Variable Recurring Payments (VRPs) as part of its European expansion.
Using Open Banking, Pleo streamlined payment processes, leading to consistent growth in customers adopting Open Banking payments. Yapily's extensive bank coverage enabled Pleo to enter new markets, with 60% of customers in the Netherlands using Open Banking for Pleo wallet top-ups since its launch in November 2022. Pleo plans to expand Open Banking to more core European markets, including Germany, using a similar approach.
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