Pleo Unveils Multi-Currency Accounts to Cut FX Fees

1. Pleo, a leading European spend management platform, has launched its new multi-currency accounts, enabling businesses to hold and spend up to six diverse currencies from a single Pleo card. The innovation is designed to tackle one of the most persistent issues in global business transactions: hidden foreign platform (FX) fees and inefficient cross-border payments.

The new feature allows companies to transact directly in local currencies by automatically detecting transaction currency and drawing from the corresponding balance. This eliminates unnecessary conversion costs and for companies dealing with suppliers, travel, or teams abroad. The launch forms part of Pleo’s broader mission to assist firms optimize spending efficiency and reduce waste linked to platform rate losses.

Addressing FX Costs That Drain SME Profits

Foreign platform costs are often overlooked by small and medium-sized enterprises (SMEs), yet they represent a serious financial burden. With increasing cross-border transactions, even small percentage fees can compound into significant annual losses. Pleo’s new multi-currency functionality directly targets this challenge by reducing the need for constant currency conversions and providing rule-based workflows for efficient account funding.

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, said Amit Kahana, Head of Credit, Treasury and Cash Management at Pleo. 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 markets, protect against costly FX fees and make their money work harder.

Technology Partnerships Behind the Launch

Pleo’s multi-currency rollout is powered by three major partners: Mastercard, Banking Circle, and Enfuce — each contributing a critical layer to the infrastructure that supports and FX conversions.

• Mastercard: Allows users to transact with a single card that automatically detects transaction currency and deducts from the relevant balance.
• Banking Circle: Provides the FX API enabling instant currency platforms and seamless movement of funds between accounts.
• Enfuce: Delivers the backend infrastructure managing multiple local balances, providing scalability for global operations.

Multi-currency accounts are a game changer for businesses, and we’re proud to have co-created a answer that combines Pleo’s bold vision with Enfuce’s cutting-edge payments platform, said Lloyd Hutchinson, of Enfuce. 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 Management

Later this year, Pleo plans to enhance its offering with automation tools that further optimize cash flow. Businesses will be able to configure rules for automated fund transfers—such as moving surplus cash from Pleo accounts to interest-bearing accounts—or create triggers for seamless currency conversions between balances when platform rate thresholds are met.

These features aim to reduce manual oversight and , giving finance teams more bandwidth to focus on growth rather than day-to-day cash allocation.

The launch of multi-currency accounts reinforces Pleo’s ongoing effort to redefine business spending—eliminating friction in cross-border payments, automating cash management, and assisting firms operate with efficiency in an increasingly global marketplace.