DanishFinTech Pleo has extended its partnership with open banking platform Yapily, as it expands in Europe and adopts Variable Recurring Payments (VRP) to automatically fund accounts.

Pleo first partnered with Yapily in September 2022 to create a seamless and instant payment experience for financial teams when depositing funds into their Pleo wallets. Through open banking, Pleo eliminates the manual payment process that adds difficulty to users and creates unnecessary uncertainty on business cash flow.

Since its launch, there has been a steady growth in the number of customers using open banking as their preferred payment method to transfer funds to their Pleo accounts. Results show that 80% of loyal customers have used open banking as a payment option for repeat account top-ups, with €7.3 million paid to Pleo accounts in the UK, Netherlands and France using Yapily’s open banking infrastructure. Yapily’s broad banking reach and unique API integration have made it easy for Pleo to expand into new markets. For example, the launch in the Netherlands has seen 60% of customers use open banking to top up their Pleo wallet since its launch in November 2022. It plans to use the next approach. Similar approach to rolling out open banking to many major European markets later this year, including Germany.

Pleo is also currently taking advantage of new innovations in open banking by leveraging VRP to automatically transfer funds to their wallet when funds reach a set threshold. This will allow customers to automate deposit rules and further streamline their expense management processes through open banking.

“Partnering with Yapily has enabled us to offer our customers a frictionless user journey when loading their Pleo wallet. This means they can focus on what really matters; good cash management. Following the immediate, positive response from our customer base in the UK, France, and the Netherlands, we are expanding the offering into more of our core markets and seizing on innovations in open banking, such as Variable Recurring Payments, to deliver an even more seamless customer experience”.

Mette Gade, Chief Product Officer at Pleo.

“Payments innovation remains at the heart of the most successful FinTech user experience, and Pleo’s dedication to improving the ease and speed with which its customers can top-up their wallets through open banking has been a resounding success, proven by rapid adoption from its user base and continued geo-expansion”.

Stefano Vaccino, CEO and Founder of Yapily.