Pleo has announced that his solution, Pleo Free, it will be free for companies with up to five employees. This decision is part of the company’s commitment to democratize the use of financial technology among SMEs, as a formula to streamline and increase the efficiency of their accounting processes.
Only three out of 10 Spanish companies carry out digital management of your staff costs, which translates into an unnecessary waste of resources and a lack of efficiency. In 38% of companies this task generates economic losses, to which is added poor time management. In 54% of Spanish companies, finance teams spend more than two days a month managing employee expenses; Like the UK, this same percentage of companies spend no more than eight hours on this task.
Digitization of the accounting sector
“We believe in the value of Pleo to digitize the accounting sector in Spain, and we are going to bet on it. Listening to SMEs, we see that there is a need for their part, and also an interest, to try new formulas that help them increase the efficiency of their businesses, but in many cases they do not know how to do it or lack the necessary resources “, explains Aiyana Moorhead, country manager for Spain at Pleo. “At Pleo we have always had the goal of helping small businesses in this process of change. And now we are in a growth stage, which allows us to do it even easier “, keep going.
The launch of Free comes at a time of fintech expansion. In July 2021, the company acquired unicorn status by raising the value of its business to $ 1.7 billion, following a Series C funding round of $ 150 million. Already established in six of the main European markets (Germany, United Kingdom, Denmark, Ireland, Sweden and Spain), Pleo is now committed to continuing to improve its product and make it accessible to a greater number of businesses. Your goal is to get to one million users by the end of 2025.
Thanks to the new plan, small businesses will be able to test Pleo’s technology at zero cost, experiencing the potential of the solution to optimize their processes. Among the functionalities available in the Free model are: cards for employees, management of cash payments, automation of the report and digitization of receipts, among others. Pleo is compatible with the main accounting management software, such as Holded, Sage 50 and 200 or Business Dynamics 365, facilitating the unified management of all accounting activity.
