Pleo and Yapily join forces to increase corporate cash flow

0
By Edlyn Cardoza

September 08, 2022

  • Cash flow management
  • FinTech
  • Fraud management

FinTech unicorn Pleo, which offers a smart business spending solution, has formed a strategic partnership with open banking platform Yapily to enable a simplified payment experience for its UK users. Research shows that 82% of businesses that fail do so because of poor cash flow management. Together, Pleo and Yapily are helping solve this problem through the power of open banking.

Via Yapily Payments, Pleo users can now recharge their account directly from their bank account. This allows customers to receive funds instantly, avoiding lengthy settlement times averaging 48 hours. As a result, businesses and employees across Europe can access faster cash injections when needed and better calculate and manage their cash flows, so they are free to pay their bills quickly and efficiently. be agile to seize opportunities.

Stefano Vaccino, founder and CEO of Yapily, said, “Partnering with Pleo is an exciting time in our mission to improve the financial lives of millions of businesses and consumers through open banking. Current market conditions mean businesses in the UK and across Europe are more than ever looking for ways to better manage costs and increase cash flow. We pride ourselves on easing some of the burden for them the way we know how to do it. I really look forward to continuing to work with the Pleo team and helping them meet the changing needs of their customers as they continue to expand across Europe.

Last month, Pleo saw 54% of its customers’ first wallet load done through the open banking platform. In nearly six months, Yapily has enabled Pleo to process over £10m in open bank payments, helping thousands of businesses solve expense management challenges and regain control of their cash flow. Through this partnership, Pleo can deliver operational efficiency, increased simplicity and a more seamless experience to its customers.

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

Olov Eriksson, Product Manager at Pleo, said, “This partnership with Yapily aims to maximize the benefits of open banking technology to enable frictionless user journeys. Manual processes, settlement delays and cash flow bottlenecks are all avoidable obstacles. We want to allow our users to focus on what really matters: growing their business and empowering their employees. »

It’s the start of an exciting roadmap for the duo, with geographic and product expansion on the horizon. Open bank top-ups for Pleo customers will be rolled out across Europe over the next few months, starting with the Netherlands and France. Pleo will also look to leverage a wider range of Yapily’s innovative payment solutions following the launch of its variable recurring payments product in August.

Previous post

Cashfree Payments enables DASH to manage MSME payments in Tier 3 areas

Read more

next article

4 Wealth Management Platforms to Choose from to Plan Your Financial Future

Read more

Share.

Comments are closed.