Pleo lets users auto-recharge spending accounts with J.P. Morgan
By Gloria Methri
FinTech unicorn Pleo, which offers a smart spending solution to businesses, has launched an automated service for users to top up their spending accounts, powered by J.P. Morgan Payments.
With Pleo’s smart business spend tool, employees can take charge of their spending with company debit cards, while real-time data and insights are pulled together in the background to provide offering full visibility for finance teams.
Until now, available funds were loaded onto Pleo accounts via bank transfer, taking several days to complete and requiring manual triggering by the account admin every time.
Pleo has now teamed up with J.P. Morgan Payments to enable auto account top-up via direct debit, removing the hassle of having to manually top up their wallets. This will ensure funds are always available for spend and therefore reduce declines due to insufficient funds.
Pleo customers can set a low balance threshold for each Pleo account and choose how much they would like to top up, once that limit is hit. When the account balance falls below the threshold, Pleo will automatically trigger a top-up of the confirmed amount, which can be paused or canceled at any point.
According to Pleo, in the first two months since the launch of the service, the company has seen 10% of its customers sign up for the service.
Mette Gade, Pleo’s Chief Product Officer said, ‘This next phase of Pleo’s work with J.P. Morgan Payments is a big step forward in our mission to simplify global business spend management. A piece of feedback we hear from many of our 25,000 customers is that manual processes steal their time away from important and more strategic work. So our goal is to take away this friction. Working with a trusted banking partner like J.P. Morgan Payments allows us to keep innovating whilst keeping our customers safe.’
Veronique Steiner, Head of EMEA High Growth Tech Sales, J.P. Morgan Payments said, ‘We are excited to bring our market leadership in payments automation to power Pleo’s innovative new spending solution. We are proud to be selected to support Pleo on the next step of its journey to provide best-in-class spending solutions to its clients’.