Pleo launches overdrafts to help business spend management
The fintech is also launching ‘Vendor’ cards to simplify digital payments as it moves towards becoming a holistic business finance platform
Danish spend management firm Pleo is expanding and updating its suite of products to help European businesses effectively manage their spending.
The business spending solution aims to provide businesses with a comprehensive set of tools to “catalyse mid-market growth”, with updates including the introduction of an overdraft and vendor cars to help businesses control recurring digital payments.
Pleo is hoping to solidify its transition from a single expense-led product to a more all-encompassing finance platform with the expanded range of features.
“Our mission at Pleo is to alleviate stress and make spend management effective and empowering for businesses,” Pleo co-founder and CEO Jeppe Rindom said.
“We have listened to what our customers really need, so by adding these new capabilities to our platform, we are taking our offering to the next level and providing businesses with the most comprehensive spend management tool in the market.”
The new vendor cards are designed to give finance teams greater control and visibility over recurring digital services payments by centralising and limiting payments.
According to Pleo, its new overdraft will enable businesses faster access to cash and reduce time spend managing liquidity across accounts.
Pleo is also integrating with business management and accounting platform Oracle NetSuite to allow businesses to automatically export their transactional data and automate expense reconciliation.