Flux and Pleo strike up partnership to create automated expense receipts

By Aisling Finn on Thursday 2 April 2020

Digital Banking

The two fintechs insist “London is still open for business” amid the worsening coronavirus outbreak.

Flux and Pleo strike up partnership to create automated expense receipts
Image source: Pleo and Flux

 

London-based fintechs Pleo and Flux have today announced a partnership to create a fully automated expensing solution for businesses.

Flux, which was founded in 2016 by three former Revolut employees, is a digital receipt and rewards platform that works with your bank to send digital receipts in real-time.

Pleo is a business banking provider that aims to streamline company expense systems by offering company cards and smart expense reporting. 

The collaboration will see Flux provide automated digital receipts for transactions made using Pleo’s smart expense cards.

According to the two fintechs “SMEs collectively losing over £8bn each year to the administrative burden created by business expense management,” a figure I’m sure many will want to reduce as the purse strings are tightened due to the coronavirus outbreak. 

Roisin Levine, head of banks at Flux, said: “At Flux we’re passionate about improving the experience for our customers. Expensing is a natural partnership for us as a digital receipts company - we’ve all experienced the pain of trying to manage expenses and reconcile accounts!” 

“We’re incredibly excited to be working with Pleo to bring the UK its first fully-automated, invisible, expensive solution,” she added.

Pleo will be the first expensing partner to integrate Flux’s digital receipt technology when the partnership launches later this year.

Luke Richardson, director of brand and communications at Pleo, said: “Both Pleo and Flux have a shared common value – to remove unnecessary friction in an increasingly digital world. For us, that’s with business spending.”

“We’re excited to get to work with this new strategic partnership as it will allow us to automate even more of the Pleo experience so our customers can focus on what’s important: doing great work.”

Both companies are hoping to roll out this process to Pleo’s 7,000 UK customers by the end of 2020.

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