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Accounting · head to head

Fyle vs Modern Treasury

Fyle logo

Fyle

Accounting

Real-time expense management that works with your cards

From
$11.99/month per active user
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: Fyle billed per active user, defined as anyone who creates an expense or has a connected card with transactions in the month, so headcount does not predict the bill; 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.
  • They diverge on capability: Fyle covers Real-time card tracking, Modern Treasury covers Multi-rail payment initiation.
  • Prices and features above were last checked on 31 August 2026.

Where they differ

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

Attributes where Fyle and Modern Treasury differ
AttributeFyleModern Treasury
Starting price$11.99/month per active userOn request
Pricing modelsubscriptionquote
PlatformsWeb, Ios, AndroidWeb
Founded2016Unknown

Identical on both: free tier (No), 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 Fyle

  • Real-time card tracking
  • Automatic receipt matching
  • Expense policies
  • Mileage tracking
  • QuickBooks
  • Xero
  • Sage Intacct
  • NetSuite

Only in Modern Treasury

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

Both cover

  • Approval workflows

What people use each for

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

Fyle

  • Expense reporting and corporate card reconciliationnot Modern Treasury
  • Enforcing spend policy and approvals before reimbursementnot 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 Fyle
  • A lender originating and servicing loans that must track disbursements, repayments and returns against its own bank accountsnot Fyle
  • 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 Fyle
  • An insurer handling premium collection and claims payment across several rails with approval controls and an auditable trailnot Fyle

Where each one falls short

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

Fyle

  • Billed per active user, defined as anyone who creates an expense or has a connected card with transactions in the month, so headcount does not predict the bill
  • The Growth plan carries a 5 user minimum and the Business plan a 10 user minimum, so the entry cost is set by the floor rather than the team
  • API access and the Sage Intacct and NetSuite integrations require a paid tier
  • ACH reimbursements and project expense tracking sit above the entry plan
  • Both published plans are billed annually
  • Enterprise pricing is custom and aimed at organisations with 250 or more employees

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

Fyle

$11.99/month per active user
  • Growth$11.99/month per active user
    • Minimum 5 users
    • Unlimited expense tracking, receipt scanning
    • Card integrations, mileage/per diem tracking
  • Business$14.99/month per active user
    • Minimum 10 users
    • Multi-stage approvals, ACH reimbursements (US only)
    • Project tracking, Sage Intacct/300 CRE integrations
  • Enterprise$null/mo
    • 250+ employees
    • IP whitelisting, SSO options
    • Branded accounts, dedicated account manager

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 Fyle if

  • You need real-time card tracking.
  • You work on Web, Ios, Android.
  • You also want automatic receipt matching.
Fyle review

Choose Modern Treasury if

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

Questions people ask

Is Fyle or Modern Treasury better?
Neither clearly leads. Fyle starts at $11.99/month per active user and Modern Treasury at On request, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Fyle or Modern Treasury?
Fyle starts at $11.99/month per active user and Modern Treasury at On request.
Does Fyle or Modern Treasury run on more platforms?
Fyle runs on Web, Ios, Android. Modern Treasury runs on Web.
What is Fyle best used for?
Fyle is most often used for expense reporting and corporate card reconciliation, enforcing spend policy and approvals before reimbursement. Of those, expense reporting and corporate card reconciliation and enforcing spend policy and approvals before reimbursement are not what Modern Treasury is typically brought in for.
What can Fyle do that Modern Treasury cannot?
Fyle covers Real-time card tracking, Automatic receipt matching, Expense policies, Mileage tracking. Modern Treasury covers Multi-rail payment initiation, Bank connectivity, Ledgers, Automatic reconciliation. Both handle Approval workflows.

Answered from the vendors’ own pages

Fyle: How does Fyle define and charge for active users?

An 'active user' is defined as an employee who creates at least one expense or has a credit card connected with active transactions monthly. You only pay for active users, not all onboarded employees.

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.

Fyle: What is Fyle's Growth plan pricing?

The Growth plan costs $11.99 per active user per month (billed annually) with a minimum of 5 users. Includes unlimited expense tracking, receipt scanning, and single-stage approvals.

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.

Fyle: What features does Fyle's Business plan add?

The Business plan costs $14.99 per active user per month (minimum 10 users, annual billing) and adds multi-stage approvals, project tracking, ACH reimbursements (US only), and premium support.

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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