Pleo Launches Multi-Currency Accounts To Simplify Global Spending and Help Businesses Tackle Billions Lost in FX Fees

Pleo, one of Europe’s leading spend management platforms, has announced the launch of multicurrency accounts, giving companies the power to hold and spend up to six currencies from a single Pleo card.

Designed to eliminate the hassle and expense of cross-border transactions – whether travelling for business or dealing with international transactions – the new feature streamlines global business spending by automatically detecting the transaction currency and withdrawing funds from the corresponding account. This empowers companies to transact directly in local currencies, avoid unnecessary foreign exchange (FX) fees and manage multiple currencies with greater efficiency. Users can also seamlessly convert currency between accounts thanks to rule based workflows and top up their currency accounts directly from a bank account.

Overcoming the strain of cross-border spending

FX fees are a significant source of revenue leakage for small and medium-sized enterprises, with the potential to erode annual revenue. As an often overlooked cost, they don’t just disrupt cash flow and reduce profit margins but represent a significant financial drain on European SMEs.

Amit Kahana, Head of Credit, Treasury and Cash Management at Pleo, commented: “Cross-border payments are growing at an unprecedented pace, set to reach $250 trillion by 2027. Yet for too many organisations, the hidden costs of overseas transactions are a major drain on resource and revenue. Business doesn’t stop at borders, and companies needn’t simply accept FX and transaction fees as an unavoidable cost of doing business. Our multicurrency 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.”

Powered by innovative partnerships

The multi-currency accounts are enabled through a trio of industry-leading partners:

• Mastercard: Mastercard allows Pleo customers to hold just one card, automatically detecting the transaction currency and withdrawing funds from the corresponding account.

• Banking Circle: Provides an FX API that allows businesses to seamlessly buy and sell currencies between accounts, ensuring companies always have the funds they need in the right currency.

• Enfuce:  Provides the backend infrastructure that makes managing multiple currency accounts possible, delivering the flexibility to manage local balances and spend seamlessly across borders, as well as the scalability to support truly global growth.

Lloyd Hutchinson, Chief Commercial Officer of Enfuce said: “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. This launch marks the latest milestone in a partnership that consistently delivers breakthrough innovations, setting Pleo apart as the leading expense management provider.”

Automation for smarter cash flow

Later this year, Pleo will introduce new automation features to give businesses greater control over their cash flow. With automated transfers, companies can set rules to transfer excess funds from their Pleo account back into high-interest savings accounts, ensuring surplus cash generates a return. Businesses can also create triggers to convert between accounts seamlessly when needed, such as selling GBP to buy EUR automatically, eliminating the need for manual intervention.

Together, these features don’t just simplify spending across borders, but optimise cash flow to make every pound work harder.

The launch of multi-currency accounts reinforces Pleo’s mission to simplify business spending. From avoiding FX fees to automating cash management, Pleo is equipping companies with the tools they need to spend confidently, manage cash efficiently, and focus more on growth.