Yapily partners with Pleo to alleviate UK businesses’ cash flow issues
Copenhagen-based fintech Pleo has formed a strategic partnership with Open Banking platform Yapily to help tackle the issue of cash flow management among UK businesses.
Users of Pleo can now top up their Pleo account directly from their bank account, via Yapily Payments, which enables direct account-to-account payments.
By receiving funds instantly, rather than in a matter of hours or days, Yapily said European businesses and their employees can get cash injections more quickly, helping them to better manage their cash flow.
Last month, Pleo reported that 54% of its customers’ first wallet load was done via the Open Banking platform, meaning that in almost six months, Yapily has enabled Pleo to process more than £10 million in Open Banking payments.
Olov Eriksson, chief product officer at Pleo, said: “This partnership with Yapily is all about maximising the benefits of Open Banking technology to enable frictionless user journeys.
“Manual processes, settlement periods, and bottlenecks in cash flow are all avoidable obstacles.”
Having launched in 2015, more than 20,000 companies are now using Pleo across 12 European markets.
Over the coming months, Open Banking top-ups for Pleo customers will be rolled out across Europe, starting with the Netherlands and France.
Pleo has confirmed it is also looking at using a broader range of Yapily’s payments solutions following the launch of its variable recurring payments product in August, partnering with Ozone API to do so.
Stefano Vaccino, founder and CEO of Yapily, said that given the current market conditions, in which inflation is soaring, interest rates are being raised and higher energy costs are converging, businesses in the UK and across Europe “are looking for ways to better manage costs and increase cash flow now more than ever”.
Vaccino added: “We’re proud to be lifting some of the burden for them in the way we know how. I’m very much looking forward to continuing to work with the team at Pleo and helping them meet the evolving needs of their customers as they continue to expand across Europe.”