Embeddeed finance options firm Pipe has acquired spend administration innovator Glean.ai.
The acquisition will allow the mixed entity to answer two foremost 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 gives a spend administration answer for small- and medium-sized companies that gives one-click entry to spending traits, 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 house owners and managers make higher selections.
“At present, I’m thrilled to share that Glean.ai is becoming a member of forces with Pipe, a fintech firm that gives embedded monetary options inside the software program platforms enterprise house owners use each day to handle their operations,” Glean.ai CEO Howard Katzenberg mentioned in an announcement. “It is a large milestone—not only for us, however for each finance group we’ve had the privilege to assist. 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 based on the U.S. Small Enterprise Administration) are counting on private bank cards to assist fund their companies. Furthermore, in lots of situations, these enterprise house owners are usually not separating their private from their enterprise bills. With this acquisition, Pipe is searching for to serve small- and medium-sized companies with the form of spend administration instruments they usually haven’t been capable of entry. The acquisition will complement Pipe’s embedded capital and enterprise cost fraud options, that are made accessible through the corporate’s funds and vertical software program companions. Pipe famous that Glean.ai will proceed to be accessible to present and new prospects instantly from Glean.ai.
Pipe CEO Luke Voiles known as the acquisition a strategic transfer that “empowers us to handle the 2 largest ache factors confronted by small companies immediately—entry to capital and efficient spend administration.” Voiles added, “by combining Pipe’s progressive expertise, assets, and experience with Glean, we’re giving enterprise house owners 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 corporations are already utilizing. With companions starting from vertical SaaS corporations to funds platforms, Pipe’s expertise integrates seamlessly into present platforms, enabling corporations to simply launch customer-friendly options, go to market in weeks slightly than months, and drive development. The corporate’s flagship choices embrace 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 corporations pay the suitable distributors the suitable quantities on the proper instances.
Picture by Rock Staar on Unsplash
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