Fintech scale-up Pleo, which offers a simplified expense management tool and smart credit cards, today launches Pocket: a new way to track money owed between a company and its employees.
Pocket is a new feature that will sit within the Pleo app, covering a range of the most common occasions when employees spend their own cash on work-related purchases. The update aims to help businesses manage out-of-pocket expenses, where a worker pays for something with their own money - often to avoid overcomplicated processes.
Also covered by the feature are mileage claims, with Pleo digitising the outdated methods of tracking petrol costs for employees who travel for work. Likewise, expenses paid with ATM cash and the use of company cards for personal purchases will now be trackable with Pocket.
Rolling out to the 10,000+ customers across Europe who currently use Pleo’s cards and app to manage their expenses, Pocket will ensure that now when they log in, both employee and employer will be able to get a full overview of who owes what. And settling up is quick and easily - eliminating the friction and paperwork of traditional reimbursements.
Luke Richardson, Director of Brand and Communications at Pleo, says:
“Pleo stands for the future of work, and there’s a strong connection between this and digitising the workforce, and ditching cash. However, Rome wasn’t built in a day, and we acknowledge that we need to provide tools that bridge the gap between digital and analogue work experiences. This is what we’re doing by launching Pocket, creating a set of features that can support businesses regardless of whether they’re dealing with online or offline payments.”
Pleo closed a $56M Series B round in May 2019 led by New York-based growth fund Stripes. Pleo cards are now used by over 10,000 customers across six European countries, with the company supported by strategic and technical partnerships with Mastercard, J.P. Morgan and Danske Bank.