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Accounting · head to head

freee vs Modern Treasury

freee logo

freee

Accounting

Japanese integrated cloud accounting software for sole proprietors and corporations

From
980/month
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

  • Each has a real cost: freee pricing varies significantly across multiple product categories and tiers; 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 freee and Modern Treasury actually diverge.

Attributes where freee and Modern Treasury differ
AttributefreeeModern Treasury
Starting price980/monthOn request
Pricing modelsubscriptionquote

Identical on both: free tier (No), 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 freee

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.

freee

  • Filing Japanese tax documents electronically each yearnot Modern Treasury
  • Calculating payroll and year-end adjustments automaticallynot Modern Treasury
  • Creating opening documents without visiting tax officenot Modern Treasury
  • Tracking company expenses across departments centrallynot 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 freee
  • A lender originating and servicing loans that must track disbursements, repayments and returns against its own bank accountsnot freee
  • 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 freee
  • An insurer handling premium collection and claims payment across several rails with approval controls and an auditable trailnot freee

Where each one falls short

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

freee

  • Pricing varies significantly across multiple product categories and tiers
  • Some corporate tiers (Advance) reach ¥39,780+/month

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

freee

980/month
  • freee會計 Starter$980/month
    • Individual business owner accounting tier
  • freee會計 Corporate Solo$2980/month
    • Corporate accounting tier
  • freee人事労務$400/month per employee
    • HR and payroll module per-employee pricing
  • freee勤怠管理$300/month per employee
    • Attendance tracking per-employee

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 freee if

Nothing in the data separates freee from Modern Treasury on the points above - pick on price and on how each one feels to use.

freee review

Choose Modern Treasury if

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

Questions people ask

Is freee or Modern Treasury better?
Neither clearly leads. freee starts at 980/month and Modern Treasury at On request, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, freee or Modern Treasury?
freee starts at 980/month and Modern Treasury at On request.
Does freee or Modern Treasury run on more platforms?
Both run on Web, so platform support will not decide this one for you.
What is freee best used for?
freee is most often used for filing japanese tax documents electronically each year, calculating payroll and year-end adjustments automatically, creating opening documents without visiting tax office, tracking company expenses across departments centrally. Of those, filing japanese tax documents electronically each year and calculating payroll and year-end adjustments automatically are not what Modern Treasury is typically brought in for.
What can freee do that Modern Treasury cannot?
Modern Treasury covers Multi-rail payment initiation, Bank connectivity, Ledgers, Automatic reconciliation.

Answered from the vendors’ own pages

freee: What is freee's accounting software pricing?

Individual business owners start at ¥980/month for Starter, while corporate accounting begins at ¥2,980/month for Solo Corp, with prices extending to ¥39,780+/month for Advance plans.

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.

freee: Does freee charge per employee for HR and payroll?

Yes, freee人事労務 (HR/Payroll) costs ¥400-¥1,100 per employee per month, and freee勤怠管理 (Attendance) costs ¥300 per employee per month.

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.

freee: Are there free freee products?

Several freee products are completely free, including freee開業 (Business Opening), freee請求書 (Invoicing), freeeカード (Card), and certain features like payroll rules creation.

Source
Modern Treasury: Which rails are supported?

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

freee: Does freee offer a free trial?

Freee offers a 30-day free trial for its accounting software and provides annual payment discounts on most plans.

Source
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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