Yapily and Pleo join forces to boost cash flow for businesses

Written by Yapily · September 8th, 2022

We’re excited to team up with fintech unicorn Pleo, which offers a smart business spending solution, to enable a simplified payments experience for its UK users.

Background

Research shows that 82% of businesses that fail do so as a result of poor cash flow management. Together, Pleo and Yapily are helping to address this problem through the power of open banking.

How we are working together

With the help of Yapily Payments, Pleo users can now top up their Pleo account directly from their bank account. This allows customers to receive funds instantly, avoiding average settlement times of 48 hours. Businesses and employees across Europe can now access faster cash injections where needed, and better calculate and manage their cash flow so they’re free to pay bills promptly and be agile in seizing opportunities.

In almost six months, Yapily has helped Pleo process over £10 million in open banking payments, helping thousands of businesses solve their spend management challenges and take back control of their cash flow. Through the partnership, Pleo is able to deliver operational efficiency, enhanced simplicity, and a more seamless experience to its customers.

Pleo customers will also benefit from added security. With the user’s consent, a direct connection between the Pleo platform and the user’s bank account is made by Yapily to initiate the transfer of funds, reducing the risk of both potential card fraud and human error for the customer.

Olov Eriksson, Chief Product Officer, Pleo, commented:

“This partnership with Yapily is all about maximising the benefits of open banking technology to enable frictionless user journeys. Manual processes, settlement periods, and bottlenecks in cash flow are all avoidable obstacles. We want to enable our users to focus on what really matters: growing their business and empowering their people”.

Stefano Vaccino, Founder and CEO, Yapily, said:

“Partnering with Pleo is an exciting moment in our mission to improve the financial lives of millions of businesses and consumers through open banking. Current market conditions mean that businesses in the UK and across Europe are looking for ways to better manage costs and increase cash flow now more than ever. We’re proud to be lifting some of the burden for them in the way we know how. I’m very much looking forward to continuing to work with the team at Pleo and helping them meet the evolving needs of their customers as they continue to expand across Europe.”

This is the start of an exciting roadmap for the duo with geographic and product expansion on the horizon. Open banking top-ups for Pleo customers will be rolled out across Europe over the coming months, starting with the Netherlands and France. Pleo will also be looking to leverage a broader range of our innovative payments solutions following the launch of Variable Recurring Payments in August.

Who is Pleo?

Pleo is a smart business spending solution that offers company cards and automated expense reports for employees, enabling them to buy the things they need for work while giving finance teams full control and visibility of all company spending. Pleo catches receipts on the go, automatically categorises expenses based on previous behaviour and eliminates the need to do manual expense reports.

Pleo was founded in Copenhagen in 2015 by fintech veterans Jeppe Rindom and Niccolo Perra, both serial entrepreneurs with years of experience building successful financial products. Today, the Pleo team is +800 strong, with seven European office locations (London, Stockholm, Berlin, Madrid, Paris, Lisbon and Copenhagen). Today, over 20,000 companies are using Pleo across twelve European markets.

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