80% of customers who have tried open banking payments use it regularly for account top-ups
Pleo, the Danishbusiness spend fintech serving 25,000 companies across Europe, extends its partnership with Yapily, the leading open banking infrastructure platform, as it expands into Europe and adopts Variable Recurring Payments (VRPs) to automate account top-ups.
In September 2022, Pleo partnered with Yapily to create a seamless and instant payment experience for finance teams when topping up their Pleo wallet. Through open banking, Pleo eliminates the lengthy, manual payment process that adds user friction and creates unnecessary cash flow uncertainty for businesses.
Since launch, there has been consistent double-digit, month-on-month growth in customers using open banking as their preferred payment method to transfer funds into their Pleo account. The results showed, 80% of returning customers used open banking as a payment option for repeat account top-ups, with €7.3m being paid into Pleo accounts across the UK, Netherlands and France using Yapily’s open banking infrastructure.
Yapily’s extensive bank coverage and single API integration have enabled Pleo to expand into new markets with ease, for example, the launch into 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 a similar approach to roll out open banking into more of its core European markets later this year including Germany.
Pleo is now also harnessing new innovations in open banking by leveraging VRPs to automatically sweep money into their Pleo wallets when funds have reached a set threshold limit. This will allow Pleo customers to automate their top-up rules and further streamline their expense management process with open banking.
Mette Gade, Chief Product Officer at Pleo comments: “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”.
Stefano Vaccino, CEO and Founder of Yapily comments: “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”.