Embeddeed finance options firm Pipe has acquired spend administration innovator Glean.ai.
The acquisition will allow the mixed entity to answer two important ache factors for small- and medium-sized companies: entry to capital and efficient spend administration.
New York-based Glean.ai made its Finovate debut at FinovateFall 2022.
Embedded finance options supplier Pipe introduced its strategic acquisition of AI-powered spend administration innovator Glean.ai. Based in 2020, Glean.ai provides a spend administration answer for small- and medium-sized companies that gives one-click entry to spending tendencies, billing errors, and alternatives to uncover financial savings. Glean.ai’s answer additionally options real-time, cross-functional budgeting and billpay instruments, and leverages AI to look at spending patterns over time to assist enterprise homeowners and managers make higher choices.
“In the present day, I’m thrilled to share that Glean.ai is becoming a member of forces with Pipe, a fintech firm that provides embedded monetary options throughout the software program platforms enterprise homeowners use daily to handle their operations,” Glean.ai CEO Howard Katzenberg stated in a press release. “This can be a enormous milestone—not only for us, however for each finance staff we’ve had the privilege to help. Pipe shares our imaginative and prescient for clever finance infrastructure and their dedication to innovation makes this partnership much more thrilling.”
The acquisition comes at a time when many small companies (practically half in keeping with the U.S. Small Enterprise Administration) are counting on private bank cards to assist fund their companies. Furthermore, in lots of cases, these enterprise homeowners will not be separating their private from their enterprise bills. With this acquisition, Pipe is looking for to serve small- and medium-sized companies with the sort of spend administration instruments they sometimes haven’t been in a position to entry. The acquisition will complement Pipe’s embedded capital and enterprise cost fraud options, that are made accessible by way of the corporate’s funds and vertical software program companions. Pipe famous that Glean.ai will proceed to be accessible to present and new clients instantly from Glean.ai.
Pipe CEO Luke Voiles known as the acquisition a strategic transfer that “empowers us to handle the 2 greatest ache factors confronted by small companies at this time—entry to capital and efficient spend administration.” Voiles added, “by combining Pipe’s modern expertise, sources, and experience with Glean, we’re giving enterprise homeowners the exact instruments they should thrive.”
Based in 2019, Pipe builds embedded finance options for rising companies that reside contained in the software program these companies are already utilizing. With companions starting from vertical SaaS firms to funds platforms, Pipe’s expertise integrates seamlessly into present platforms, enabling firms to simply launch customer-friendly options, go to market in weeks slightly than months, and drive progress. The corporate’s flagship choices embody an embedded working capital answer, Capital, and a branded enterprise card to optimize spend administration.
New York-based Glean AI made its Finovate debut at FinovateFall 2022. On the convention, the corporate demonstrated its strategic Accounts Payable (AP) platform that leverages automation and deep insights to assist companies pay the correct distributors the correct quantities on the proper instances.
Photograph by Rock Staar on Unsplash
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