Pleo taps Yapily to expand instant wallet top-up offering

By Gloria Methri

Danish FinTech Pleo has extended its partnership with open banking platform Yapily, as it expands into Europe and adopts Variable Recurring Payments (VRPs) to automate account top-ups.

Pleo first partnered with Yapily in September 2022, to create a seamless and instant payment experience for finance teams when topping up their Pleo wallet. Through open banking, Pleo eliminates the manual payment process that adds user friction and creates unnecessary cash flow uncertainty for businesses.

Since its launch, there has been consistent growth in customers using open banking as their preferred payment method to transfer funds into their Pleo account. The results showed, 80% of returning customers used open banking as a payment option for repeat account top-ups, with €7.3m being paid into Pleo accounts across the UK, Netherlands, and France using Yapily’s open banking infrastructure.

Yapily’s extensive bank coverage and single API integration enabled Pleo to expand into new markets with ease. For example, the launch into the Netherlands saw 60% of customers use open banking to top up their Pleo wallet since its launch in November 2022. It plans to use a similar approach to roll out open banking into more of its core European markets later this year including Germany.

Pleo is now also harnessing new innovations in open banking by leveraging VRPs to automatically sweep money into their wallets when funds have reached a set threshold limit. This will allow customers to automate their top-up rules and further streamline their expense management process with open banking.

Mette Gade, Chief Product Officer at Pleo said, “Partnering with Yapily has enabled us to offer our customers a frictionless user journey when loading their Pleo wallet. This means they can focus on what really matters; good cash management. Following the immediate, positive response from our customer base in the UK, France, and the Netherlands, we are expanding the offering into more of our core markets and seizing on innovations in open banking, such as Variable Recurring Payments, to deliver an even more seamless customer experience”.

Stefano Vaccino, CEO and Founder of Yapily added, “Payments innovation remains at the heart of the most successful FinTech user experience, and Pleo’s dedication to improving the ease and speed with which its customers can top-up their wallets through open banking has been a resounding success, proven by rapid adoption from its user base and continued geo-expansion”.