Pleo, one of Europe’s leading spend management platforms, has launched multi-currency accounts, giving small and medium-sized enterprises (SMEs) the power to hold and spend up to six currencies on a single card. The move is a direct response to the estimated £4billion that European SMEs collectively risk losing every year to hidden foreign exchange (FX) fees, a silent but significant drain on cash flow and growth.
The new offering simplifies global business spending, eliminating the hassle and expense associated with cross-border transactions, whether for business travel or international supplier payments. Powered by a trio of industry heavyweights—Mastercard, Banking Circle, and Enfuce. The solution streamlines spending by automatically detecting the transaction currency and withdrawing funds from the corresponding currency account.
This seamless functionality empowers companies to transact directly in local currencies, effectively bypassing unnecessary FX fees and allowing for more efficient management of multiple currencies. Users can also top up their currency accounts directly from a bank account and seamlessly convert funds between accounts using rule-based workflows.
Amit Kahana, head of credit, treasury and cash management at Pleo, highlighted the urgency of the problem. “Cross-border payments are growing at an unprecedented pace, set to reach $250trillion by 2027. Yet for too many organisations, the hidden costs of overseas transactions are a major drain on resource and revenue,” he commented.
As an often-overlooked operational cost, FX fees disrupt cash flow and erode profit margins for SMEs. Pleo’s solution aims to help businesses regain control, spend smarter, and better control their cash flow.
“Business doesn’t stop at borders, and companies needn’t simply accept FX and transaction fees as an unavoidable cost of doing business,” Kahana added. “Our multi-currency accounts, enabled by our partners Mastercard, Banking Circle and Enfuce, give businesses the flexibility to spend seamlessly across markets, protect against costly FX fees and make their money work harder.”
The underlying infrastructure is made possible through strategic partnerships:
- Mastercard enables Pleo customers to use a single card that automatically draws funds from the correct currency account based on the transaction.
- Banking Circle provides the FX API that facilitates seamless buying and selling of currencies between accounts, ensuring funds are always in the required currency.
- Enfuce supplies the backend platform necessary for managing multiple currency accounts, delivering the scalability and flexibility required to support truly global growth.
Lloyd Hutchinson, chief commercial officer of Enfuce, praised the collaboration, stating: “Multi-currency accounts are a game changer for businesses, and we’re proud to have co-created a solution that combines Pleo’s bold vision with Enfuce’s cutting-edge payments platform.”
Looking ahead, Pleo plans to introduce further automation features later this year to optimise cash flow beyond currency management. This includes enabling automated transfers based on pre-set rules, allowing businesses to move surplus funds from their Pleo account into high-interest savings accounts to ensure idle cash generates a return. Additionally, businesses will be able to set triggers for automatic currency conversion, such as selling British Pounds (GBP) to buy Euros (EUR) when a specific rate is met, thereby removing the need for manual intervention and protecting against market volatility.
By simplifying business spending and providing robust tools to protect against hidden costs, Pleo is reinforcing its mission to help companies make every pound work harder, allowing them to focus more on growth and less on unnecessary financial administration.