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Pleo is a growing fintech business aiming to streamline money management for businesses. Pleo defines itself from other challenger banks by approaching a new market. Instead of trying to sell itself to every day consumers, Pleo hopes to appeal to businesses, creating a system which helps manage employees’ business expenses from a single app.
Pleo is aiming to introduce a solution to company expense management, making it easier for businesses to control their spending and see where their money is going. Pleo sells itself as a “solution”, a way of bringing together employee transactions onto one platform and as a result making business financing simpler.
Pleo works from an app on your smartphone, the only physical aspect of it being the company cards which you can hand out to your employees. The app keeps track of your cards, your business’ budget and where it is being spent. This data is recorded and displayed on the app, acting as a bookkeeper and helping you make better decisions for your company.
The Pleo app only offers what it needs to, there are no extra features, nothing to distract you from its core functions. These include:
Pleo also offers credit cards, allowing you to borrow a bit extra at competitive rates. As mentioned above, Pleo also aim to offer savings accounts too.
Pleo cards can be used on business trips in the same way they can be used in the UK. The base fees for transactions and withdrawals abroad are the same as those at home, however there is an administrative fee of 1.5% on any POS transactions and 2% on withdrawals on top of the base charges.
To maintain a Pleo account you will have to pay a £7 a month subscription fee. Along with the subscription are a number of fees for certain functions on your Pleo account, these include:
Pleo understands how important your company (and its finances) is to you and as a result keeps security high on their priority list. All their data is protected with industry standard encryption, with a number of other measures in place to defend from any malicious attacks. Your account is kept behind a password of your choosing.
Pros
Cons
Pleo definitely offers a solution to company expense management, however it may be worth considering how useful its function would be to your company and employees before deciding to shell out £7 a month plus fees.
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