back Back

Pleo and Yapily partner to boost cash flow for businesses

By Edlyn Cardoza

September 08, 2022

  • Cash Flow Management
  • FinTech
  • Fraud Management
Share

 Pleo, Yapily, FinTech, Smart Business Spending Solution, Cash Flow Management, Yapily Payments, Fraud Management, Variable Recurring Payments Product, UKFinTech unicorn Pleo, which offers a smart business spending solution, has formed a strategic partnership with the open banking platform Yapily to enable a simplified payments experience for its UK users. Research shows that 82% of businesses that fail do so due to poor cash flow management. Together, Pleo and Yapily are helping to address this problem through the power of open banking.

Via Yapily Payments, Pleo users can now top up their account directly from their bank account. This allows customers to receive funds instantly, side-stepping lengthy settlement times at an average of 48 hours. As a result, businesses and employees across Europe can 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.

Stefano Vaccino, Founder and CEO at 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.”

Last month, Pleo saw 54% of its customers’ first wallet load done via the open banking platform. In almost six months, Yapily has enabled Pleo to process over £10 million in open banking payments, helping thousands of businesses solve their spend management challenges and regain control over cash flow. Through the partnership, Pleo can 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 at Pleo, said, “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.”

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 Yapily’s innovative payments solutions following the launch of its Variable Recurring Payments product in August.

Previous Article

September 08, 2022

Cashfree Payments enables DASH to manage payments from MSMEs in Tier-3 areas

Read More
Next Article

September 08, 2022

4 wealth management platforms to select for planning your financial future

Read More









IBSi Daily News Analysis

Middle East, Egypt

January 16, 2024

Cash Flow Management

Egypt among top remittance recipient countries in 2023: World Bank

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Storfund & Mangopay to ease cash flow for marketplace sellers

Read More

Today

Revolut teams with Jabil to scale development of mobile payment solutions

Read More

Today

Worldline partners with Google to enhance cloud-based innovation

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023