Pleo Introduces Overdrafts and Vendor Cards to Enhance Business Spend Management

Danish firm Pleo is updating its product suite with the aim to assist European businesses in effectively managing their spending. The company’s business spending solution offers a comprehensive set of tools designed to catalyse mid-market growth.

Expanding Range of Features

The latest updates include the introduction of an overdraft and vendor cards to assist businesses in controlling recurring digital payments. Pleo is transitioning from a single expense-led product to a more comprehensive finance platform by broadening its range of features.

Pleo’s co-founder and CEO, Jeppe Rindom, stated that the company’s mission is to alleviate stress and make spend management more effective and empowering for businesses. With the addition of these new capabilities, Pleo aims to provide businesses with the most comprehensive spend management tool in the market.

Vendor Cards and Overdrafts

The new vendor cards are intended to provide finance teams with greater control and visibility over recurring digital services payments. This is achieved by centralising and limiting payments.

Meanwhile, Pleo’s new overdraft aims to provide businesses with quicker access to cash and decrease the time spent managing liquidity across accounts.

Integration with Oracle NetSuite

In addition to these new features, Pleo is also integrating with the business management and accounting platform Oracle NetSuite. This will allow businesses to automatically export their transactional data and automate expense reconciliation.