PlasmaLeap transformed its financial operations with OFX

Meet our client, PlasmaLeap

PlasmaLeap designs, manufactures and distributes cutting-edge zero-emissions chemical reactors for hard to abate industries, including agriculture, energy, and transport. PlasmaLeap is a deep tech innovator with a mission to significantly reduce carbon emissions in the chemicals sector.

The challenge: complex financial management

Before adopting OFX, PlasmaLeap used manual processes for managing its financial operations. With a typical start-up mix of personal and corporate cards, and a manual process to reconcile invoices and expenses, it created a time-consuming reconciliation process.

“Like a lot of start-ups, paper receipts were the norm; some venues didn’t take AMEX, others did, so we had a mix of AMEX, other corporate cards, and personal expenses. It was a drain on precious time to manage effectively, diverting resources from the massive scale-up opportunity we have in front of us at PlasmaLeap. There wasn’t enough visibility for the growing complexity of the business, essentially. We knew it wasn’t sustainable” said Chief Financial Officer, Nick Bishop when describing the pre-OFX financial management challenges.

“OFX is impactful around budget, cards, and access management. It’s particularly useful when employees have different seniority levels and budget approval. The big kicker is being able to integrate with Xero. The fact we could plug and play there is a big advantage,” he said.

“Compared to other platforms we’ve used, OFX is much easier to navigate, which is crucial when time and resources are precious.” CFO, Nick Bishop’s take on OFX.

Why OFX was the clear choice

In search of a company aligned with its cutting-edge technology, PlasmaLeap chose OFX. For a globally scaling business, OFX offers better visibility, with a user-friendly experience.

As a globally scaling business, PlasmaLeap was searching for a partner that provided greater visibility for their financial operations, while being user-friendly. That’s where OFX comes in.

“We knew we needed a solution. So that was one thing, this centralisation and visibility around expenses and allowing reconciliations to be done by those that are actually incurring the expenses. The second thing was platform integration with systems we already use”, said Nick.
OFX’s ability to set up virtual accounts in multiple currencies, in practically real-time, and offer significant cost savings on FX transactions were vital.

“Previously, reconciliation was a bottleneck, but now, with virtual cards and automated processes, we’ve seen a real uplift in productivity,” noted CFO, Nick Bishop.

The final consideration was OFX’s intuitive platform that catered to both technical and non-technical team members.
“Compared to other platforms we’ve used, OFX is much easier to navigate, which is crucial for start-ups when time and resources are so precious,” said Nick Bishop.

A simple solution you can build upon

Initially, the plan was to leverage OFX to support reconciliation processes, but PlasmaLeap quickly discovered that OFX provided a suite of products that could solve some of their unexpected needs.

In addition to streamlining their reconciliation processes, OFX supports PlasmaLeap with:

The introduction of virtual corporate cards with monthly budgets for each staff member has shifted expense reconciliation from a single individual to a team, significantly increasing efficiency.

“Previously, reconciliation was a bottleneck, but now, with virtual cards and automated processes, we’ve seen a real uplift in productivity,” noted CFO, Nick Bishop. “Staff can now manage their expenses seamlessly, which has been a game changer for us.”

One of the most significant benefits for PlasmaLeap have been the substantial savings on FX fees and the flexibility of managing payments in multiple currencies from a single platform.

“On our international payments, we’ve very quickly earned back the platform fees… cost recovery is extremely quick on the platform by just a few FX transactions.”

In fact, PlasmaLeap saved AU$5,000+ on their first transaction with OFX. When you consider how many transactions are made each year, the savings can be considerable.

“The ability to fine tune approval and access privileges is great. With a bank account, either someone has access to all the features, or they don’t,” said Nick. “As a layer above a business bank account, OFX has been excellent.”

This can be a common challenge for businesses. Having a platform that is designed to act as the ‘go-between’ for your bank and accounting software gives PlasmaLeap greater access but also control.

Bank account details are connected to the platform and only the delegated authority can approve transactions. Additionally, there are customisable approval workflows to ‘waterfall’ responsibilities, adding layers of security and peace of mind.

“If I have an escalation protocol, e.g. above a certain limit an expense needs a specific set of approvals, I can embed those into the platform and amend those quickly if our approval policies internally change,” said Nick.

“The fine-tuning capabilities of OFX have been a big uplift. It allows us to control our expenditures with precision, something that’s crucial for a growing company like ours,” Nick explained.

The results speak for themselves

Since adopting OFX, PlasmaLeap has experienced a significant transformation in its financial operations.

Beyond the platform and its features, OFX’s onboarding process was smooth and supported by attentive client service, a crucial factor in PlasmaLeap’s decision-making process.

“Michael and Melissa from the OFX team were fantastic. They guided us through the process, especially during an issue with a third-party platform and a public holiday. Their support was a stark contrast to the generic, impersonal support we’ve experienced with other platforms,” Nick Bishop said.

“On our international payments, we’ve very quickly earned back the platform fees… cost recovery is extremely quick on the platform by just a few FX transactions.”

For companies looking to streamline their financial operations, especially in multi-currency environments, OFX offers a powerful and intuitive solution that helps drive efficiency and savings for clients.