- Embeddeed finance solutions company Pipe has acquired spend management innovator Glean.ai.
- The acquisition will enable the combined entity to respond to two main pain points for small- and medium-sized businesses: access to capital and effective spend management.
- New York-based Glean.ai made its Finovate debut at FinovateFall 2022.
Embedded finance solutions provider Pipe announced its strategic acquisition of AI-powered spend management innovator Glean.ai. Founded in 2020, Glean.ai offers a spend management solution for small- and medium-sized businesses that provides one-click access to spending trends, billing mistakes, and opportunities to uncover savings. Glean.ai’s solution also features real-time, cross-functional budgeting and billpay tools, and leverages AI to examine spending patterns over time to help business owners and managers make better decisions.
“Today, I’m thrilled to share that Glean.ai is joining forces with Pipe, a fintech company that offers embedded financial solutions within the software platforms business owners use every day to manage their operations,” Glean.ai CEO Howard Katzenberg said in a statement. “This is a huge milestone—not just for us, but for every finance team we’ve had the privilege to support. Pipe shares our vision for intelligent finance infrastructure and their commitment to innovation makes this partnership even more exciting.”
The acquisition comes at a time when many small businesses (nearly half according to the U.S. Small Business Administration) are relying on personal credit cards to help fund their businesses. Moreover, in many instances, these business owners are not separating their personal from their business expenses. With this acquisition, Pipe is seeking to serve small- and medium-sized businesses with the kind of spend management tools they typically have not been able to access. The acquisition will complement Pipe’s embedded capital and business charge fraud solutions, which are made available via the company’s payments and vertical software partners. Pipe noted that Glean.ai will continue to be available to current and new customers directly from Glean.ai.
Pipe CEO Luke Voiles called the acquisition a strategic move that “empowers us to address the two biggest pain points faced by small businesses today—access to capital and effective spend management.” Voiles added, “by combining Pipe’s innovative technology, resources, and expertise with Glean, we’re giving business owners the precise tools they need to thrive.”
Founded in 2019, Pipe builds embedded finance solutions for growing businesses that reside inside the software those firms are already using. With partners ranging from vertical SaaS companies to payments platforms, Pipe’s technology integrates seamlessly into existing platforms, enabling companies to easily launch customer-friendly solutions, go to market in weeks rather than months, and drive growth. The company’s flagship offerings include an embedded working capital solution, Capital, and a branded business card to optimize spend management.
New York-based Glean AI made its Finovate debut at FinovateFall 2022. At the conference, the company demonstrated its strategic Accounts Payable (AP) platform that leverages automation and deep insights to help firms pay the right vendors the right amounts at the right times.
Photo by Rock Staar on Unsplash
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