Pleo expands into treasury management

Pleo is turning spend data into a treasury wedge, which moves it from policing employee purchases to controlling where a company keeps cash, how it moves between accounts, and what yield it earns. That matters because treasury products pull Pleo closer to the business account, create new revenue from interest spreads and fees, and give finance teams one place to manage cards, invoices, FX, and liquidity across currencies.

• Expense software tells finance teams where money was spent after the fact. Treasury tools let them decide where money sits before it is spent. In practice, Pleo now combines card controls, invoice payments, multicurrency balances, FX, and automated liquidity transfers in the same workflow.
  1 sacra
• This follows the playbook of the strongest spend platforms. Ramp used attach from cards into bill pay, procurement, travel, and treasury to reach $1B in annualized revenue by August 2025. Brex likewise expanded from cards into cash accounts, bill pay, and business accounts to reduce reliance on interchange.
  3 sacra 4 sacra
• The revenue mix is the real prize. Pleo still gets roughly 70% of revenue from interchange and 30% from SaaS subscriptions, but treasury adds higher margin income streams like interest spreads, investment management fees, and overdraft related income. That is especially important in Europe, where card interchange is capped far below US levels.
  1 sacra 2 sacra

The next step is a fuller finance cockpit for European SMEs and mid market teams. If Pleo can make its cash dashboard the place where finance decides funding, currency exposure, and payment timing each morning, expense management becomes the entry point, not the destination, and larger customers become easier to win and keep.