Fintech firm Pleo and Open Banking provider Yapily have extended their partnership to further drive Variable Recurring Payments (VRPs) adoption across Europe.
The collaboration, which began last year, will continue its focus on simplifying account top-ups through Open Banking and eliminating unnecessary friction and uncertainty for businesses.
By breaking down the data from the use of its digital wallet, Pleo has found that an increasing number of customers are using Open Banking as a preferred method to top up their Pleo accounts. Data revealed that 80% of returning customers are using the technology for repeating account payments and a total of €7.3m transferred through Yapily’s Open Banking infrastructure across the UK, Netherlands and France since the partnership took place in 2022.
Stefano Vaccino, CEO and Founder of Yapily, commented: “Payments innovation remains at the heart of the most successful fintech user experience, and Pleo’s dedication to improving the ease and speed with which its customers can top-up their wallets through open banking has been a resounding success, proven by rapid adoption from its user base and continued geo-expansion.”
Through the collaboration, Pleo customers are also able to leverage VRPs and automatically sweep money into their wallets when they have reached a certain fund threshold limit for their funds.
Mette Gade, Chief Product Officer at Pleo, added: “Partnering with Yapily has enabled us to offer our customers a frictionless user journey when loading their Pleo wallet. This means they can focus on what really matters; good cash management.
“Following the immediate, positive response from our customer base in the UK, France and the Netherlands, we are expanding the offering into more of our core markets and seizing on innovations in open banking, such as Variable Recurring Payments, to deliver an even more seamless customer experience”.
