Pleo, a European spend management platform, has launched multi-currency accounts, simplifying global spending and reducing funds lost to foreign exchange fees for businesses.
Companies will be able to hold and spend up to six currencies from a single Pleo card, eliminating the expense and complexity of cross-border transactions. The new feature aims to improve global business spending by automatically detecting the transaction currency and withdrawing funds from the corresponding account. This helps companies transact directly in local currencies, avoid FX fees, and manage multiple currencies efficiently.
Improving international spending
FX fees represent a significant revenue loss for SMEs, with the potential to erode annual profits. They are an overlooked cost that can disrupt cash flow and reduce profit margins, representing a financial drain for European businesses.
Pleo is aware that cross-border payments grow at a fast pace, set to reach USD 250 trillion by 2027. However, hidden costs are a major setback for organisations. The company aims to tackle this challenge by offering multi-currency accounts enabled by Mastercard, Banking Circle and Enfuce, offering businesses the flexibility they need to work across markets and protect against costly FX fees.
Mastercard allows Pleo customers to hold only one card, automatically detecting the transaction currency and withdrawing funds from the corresponding account. Banking Circle offers an FX API that enables businesses to buy and sell currencies between accounts, making sure that they have the funds they need in the right currency. Finally, Enfuce delivers the backend infrastructure that makes multi-currency management possible, allowing companies to manage local balances, spend across borders, and support global growth.
On a related note, Pleo will introduce new automation features later this year, offering businesses greater control over their cash flow. This includes automated transfers, which allow companies to set rules to transfer excess funds from their account back into high-interest savings accounts. They will also be able to create triggers to convert between accounts seamlessly when needed, such as selling GBP to buy EUR automatically, eliminating the need for manual intervention.
