Embedded finance solutions provider Pipe has announced the acquisition of Glean.ai, a New York-based AI-powered spend management innovator. This acquisition aims to address significant pain points for small- and medium-sized businesses, including access to capital and effective spend management. Glean.ai, founded in 2020, specializes in providing tools for tracking spending trends, identifying billing errors, and uncovering potential savings opportunities. This development comes as nearly half of small businesses in the United States rely on personal credit cards for funding, often mixing personal and business expenses. Pipe, established in 2019, focuses on embedding financial solutions within the software platforms that businesses use daily. Their portfolio includes embedded working capital solutions and a branded business card designed to optimize spend management.
Glean.ai CEO Howard Katzenberg emphasized the importance of this milestone, highlighting its potential impact on finance teams that Glean.ai has been supporting. Meanwhile, Pipe’s CEO Luke Voiles underscored how the acquisition would enable them to address the most significant challenges faced by small businesses while enhancing Pipe’s embedded capital and business charge fraud solutions. Glean.ai will continue to operate and remain accessible to both existing and new customers.
Pipe’s technology integrates smoothly into existing platforms, enabling companies to quickly launch customer-friendly solutions and drive growth. At FinovateFall 2022, Glean.ai debuted its strategic Accounts Payable platform, utilizing automation and deep insights to ensure precise vendor payments. Overall, this acquisition represents a unified effort to improve financial infrastructure for small- and medium-sized businesses, fostering better access to capital and enhanced spend management capabilities.