J.P. Morgan is providing an Application Program Interface (API) solution that allows Pleo to manage its cash positions more efficiently and to process customer payments in real-time.
To date, Pleo’s corporate spending cards have been prepaid smart company cards, which can be paired with accounting software and mobile apps to automatically match receipts and track all company spending in real-time. By automating expense reports it saves companies time and money.
Moving from prepaid cards is just one part of the infrastructural change. The company also secured an e-money license in Denmark to serve credit to their key clients across Europe.
These changes will allow Pleo to expand into new European territories faster, the first being Spain and Ireland in 2020, with four new markets expected by the end of the year.
Jeppe Rindom, CEO and co-Founder of Pleo said: “We are growing up as a company to better serve Small and Medium Enterprises (SMEs), as well as larger companies. Collaborating with J.P. Morgan and Mastercard will enable us to scale our revolutionary technology faster across Europe and help us move from our initial version of a product – the prepaid card – to something much more scalable for the future and more widely accepted – corporate credit cards.”
“This strong foundation along with new upcoming features including: out of pocket expenses and mileage, subscription management, instant credit approvals and invoice payments, will make Pleo the go-to spending solution for businesses.”
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“We have delivered a real-time banking experience for Pleo, powered by APIs,” added Tristan Attenborough, M.D. in EMEA Wholesale Payments at J.P. Morgan.
“The technology and our co-development approach means Pleo is now better placed to serve European SMEs and help them manage their expenses through a powerful combination of automatic liquidity management, real-time payments and multicurrency credit cards.”
Scott Abrahams, Senior Vice President, Business Development and Fintech at Mastercard said: “At Mastercard, we’re excited to be closely partnering with Pleo bringing their new corporate credit card offering to the European market.
“SMEs of all sizes will be able to benefit from the Mastercard worldwide acceptance network and Pleo’s advanced business technology to make company spending easier and more transparent.”
In May 2019, Pleo raised a $56M Series B financing round led by Stripes, with participation from existing investors, Kinnevik, Creandum and Founders. The total amount raised by the company to date is $79 million.