Flux and Pleo partner to deliver “invisible” expensing tool to UK SMEs
Flux, the Barclays-backed digital receipt manager, has teamed up with Pleo, a Danish company card issuer which automates expense reporting, to create a “fully automated” expensing tool for UK businesses.
When Pleo’s cardholders spend money at retail partners of Flux, such as Just Eat, Costa, KFC and Itsu, Flux will send an itemised digital receipt to Pleo.
The new co-created tool, which is set to launch later this year, means Pleo cardholders do not have to photograph receipts or upload anything.
“Expensing is a natural partnership for us as a digital receipts company – we’ve all experienced the pain of trying to manage expenses and reconcile accounts” says Flux’s head of banks Roisin Levine.
Flux, which was founded by three former Revolut employees in 2016 and has so far processed 1.5 million receipts, is calling this new tool the UK’s first ever “paperless”, fully automated expensing solution.
Pleo, whose services are free for new business customers until 1 July to help in the fight against coronavirus, partnered with JP Morgan and Mastercard earlier this year to roll-out its corporate credit card across Europe.
For both companies, the partnership is part of a longer-term aim to minimise the amount of money and time small and medium-sized enterprises (SMEs) spend on expense administration.
In the UK, Flux says SMEs lose the value equivalent of £8 billion each year on these costs, with £1.9 billion lost on unauthorised or inflated expense claims.
“Both Pleo and Flux have a shared common value – to remove unnecessary friction in an increasingly digital world,” says Pleo’s brand and communication director Luke Richardson. “For us, that’s with business spending.”