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Accounting · head to head

Fortnox vs Modern Treasury

Fortnox logo

Fortnox

Accounting

Swedish cloud accounting and business platform for bookkeeping, invoicing and payroll

From
Free
Rated
-
Full reviewWebsite
Modern Treasury logo

Modern Treasury

Accounting

Payment operations and ledger infrastructure that sits between your product and your own bank accounts

From
On request
Rated
-
Full reviewWebsite

The short version

  • Only Fortnox has a free tier, so it costs nothing to try first.
  • Each has a real cost: Fortnox corporate packages alone span at least 7 named tiers (Mini through Stor+) priced from 209 kr/man to 919 kr/man, and add-on programs are billed separately per module (SEK); Modern Treasury you must already have or be able to obtain your own bank accounts with the right connectivity, so early stage companies without a banking relationship cannot use it and are pushed towards a sponsor bank model instead.
  • Prices and features above were last checked on 31 August 2026.

Where they differ

Only the attributes on which Fortnox and Modern Treasury actually diverge.

Attributes where Fortnox and Modern Treasury differ
AttributeFortnoxModern Treasury
Starting priceFreeOn request
Pricing modelsubscriptionquote
Free tierYesNo

Identical on both: platforms (Web), user rating (Not yet rated), category (Accounting).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in Fortnox

Nothing recorded that Modern Treasury does not also cover.

Only in Modern Treasury

  • Multi-rail payment initiation
  • Bank connectivity
  • Ledgers
  • Automatic reconciliation
  • Approval workflows
  • Virtual accounts
  • Compliance tooling
  • Return and exception handling

What people use each for

The jobs each tool is most often brought in to do.

Fortnox

  • Registering Swedish corporations with guided formation assistancenot Modern Treasury
  • Selling unpaid invoices to improve cash flownot Modern Treasury
  • Managing multiple client businesses from bureau dashboardnot Modern Treasury
  • Integrating payroll with Swedish banking automationnot Modern Treasury

Modern Treasury

  • A marketplace paying out to thousands of sellers that needs a ledger its application can trust rather than reconciling a payments dashboard by handnot Fortnox
  • A lender originating and servicing loans that must track disbursements, repayments and returns against its own bank accountsnot Fortnox
  • A company that wants to move off a banking as a service provider and hold its own bank accounts after seeing sponsor banks offboard fintech programmesnot Fortnox
  • An insurer handling premium collection and claims payment across several rails with approval controls and an auditable trailnot Fortnox

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

Fortnox

  • Corporate packages alone span at least 7 named tiers (Mini through Stor+) priced from 209 kr/man to 919 kr/man, and add-on programs are billed separately per module (SEK)
  • The Fortnox Access verification tier is priced by transaction volume, rising from 9 kr/man at zero verifications to 199 kr/man at 1000+ verifications (SEK), so cost is not fixed and scales with usage

Modern Treasury

  • You must already have or be able to obtain your own bank accounts with the right connectivity, so early stage companies without a banking relationship cannot use it and are pushed towards a sponsor bank model instead.
  • Pricing rests on an annual minimum commitment, and companies that miss their volume forecast pay the minimum regardless, which makes the headline per-transaction rate close to irrelevant in year one.
  • Supported bank connectivity is a finite list, so if your bank is not on it you are either waiting for an integration or changing banks, which is a far larger project than adopting the software.
  • It is software over banking, not banking, so it does not solve card issuing, deposit accounts or the licensing questions that a company embedding financial products still has to answer elsewhere.
  • The ledger is genuinely good but adopting it properly means making it the source of truth for balances in your product, which is a significant application change rather than a payments integration and is where implementations run long.

Pricing, plan by plan

Fortnox

Free
  • New Company TrialFree
    • 6-month free trial for newly started businesses

Modern Treasury

On request
  • Modern Treasury Platform$undefined/year
    • Platform access fee covering API, dashboard, infrastructure and support
    • Usage-based fees across ACH, wires, RTP, FedNow, push to card, cheques and stablecoins
    • A single annual minimum commitment that both platform and usage fees count towards

Which should you pick?

Choose Fortnox if

  • You want to start without paying.
Fortnox review

Choose Modern Treasury if

  • You need multi-rail payment initiation.
  • You also want bank connectivity.
Modern Treasury review

Questions people ask

Is Fortnox or Modern Treasury better?
Neither clearly leads. Fortnox starts at Free and Modern Treasury at On request, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Fortnox or Modern Treasury?
Fortnox has a free tier; the other does not. Paid plans start at Free for Fortnox and On request for Modern Treasury.
Does Fortnox or Modern Treasury run on more platforms?
Both run on Web, so platform support will not decide this one for you.
Can I use Fortnox for free?
Yes. Fortnox has a free tier, so you can try it without paying. Modern Treasury starts at On request.
What is Fortnox best used for?
Fortnox is most often used for registering swedish corporations with guided formation assistance, selling unpaid invoices to improve cash flow, managing multiple client businesses from bureau dashboard, integrating payroll with swedish banking automation. Of those, registering swedish corporations with guided formation assistance and selling unpaid invoices to improve cash flow are not what Modern Treasury is typically brought in for.
What can Fortnox do that Modern Treasury cannot?
Modern Treasury covers Multi-rail payment initiation, Bank connectivity, Ledgers, Automatic reconciliation.

Answered from the vendors’ own pages

Fortnox: Does Fortnox offer a free trial?

Yes, newly started businesses receive their first six months in Fortnox at no cost, followed by subscription-based pricing.

Source
Modern Treasury: Is Modern Treasury a bank or a banking as a service provider?

Neither. You hold your own bank accounts and it is software over them. That avoids sponsor bank concentration risk but means you need the bank relationship yourself.

Fortnox: What pricing tiers does Fortnox offer?

Fortnox offers tiered subscription packages that vary by module (accounting, invoicing, payroll) but specific pricing details are not listed on the main website.

Source
Modern Treasury: What does it cost?

Not published. A platform access fee plus usage fees across rails, on an annual term with a single minimum commitment. Negotiate the minimum, not the per-transaction rate.

Fortnox: How can I find Fortnox pricing information?

Detailed pricing is available on the packages page (/paket), through a purchasing guide tool at buy-guide.fortnox.se, or by contacting sales representatives directly.

Source
Modern Treasury: Which rails are supported?

ACH, wires, RTP, FedNow, push to card, cheques and stablecoin payments, subject to what your bank supports.

Modern Treasury: Do we still need our own compliance programme?

Yes. KYB, KYC and transaction monitoring are included in the platform, but you are the one holding the accounts and the regulatory obligation sits with you and your bank.

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