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Accounting · head to head

Invoicely vs Modern Treasury

Invoicely logo

Invoicely

Accounting

Web-based invoicing app with a free plan for freelancers

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 Invoicely has a free tier, so it costs nothing to try first.
  • Each has a real cost: Invoicely free plan is limited to just 5 invoices and 3 clients per month, and PayPal-only payments.; 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: Invoicely covers Invoice creation, 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 Invoicely and Modern Treasury actually diverge.

Attributes where Invoicely and Modern Treasury differ
AttributeInvoicelyModern Treasury
Starting priceFreeOn request
Pricing modelfreemiumquote
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 Invoicely

  • Invoice creation
  • Recurring invoices
  • Time, expense, and mileage tracking
  • Multi-currency support
  • Team member access
  • Credit card payments

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.

Invoicely

  • Freelancers sending a small number of invoices for freenot Modern Treasury
  • Small businesses needing recurring billing and time trackingnot Modern Treasury
  • Multi-currency invoicing for international clientsnot Modern Treasury
  • Teams needing shared access to client invoicingnot 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 Invoicely
  • A lender originating and servicing loans that must track disbursements, repayments and returns against its own bank accountsnot Invoicely
  • 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 Invoicely
  • An insurer handling premium collection and claims payment across several rails with approval controls and an auditable trailnot Invoicely

Where each one falls short

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

Invoicely

  • Free plan is limited to just 5 invoices and 3 clients per month, and PayPal-only payments.
  • No native mobile app mentioned, limiting on-the-go invoicing.
  • Team member limits on lower tiers can be restrictive for growing businesses.
  • No listed integrations with accounting platforms like QuickBooks or Xero.

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

Invoicely

Free
  • FreeFree
    • 5 monthly invoices
    • 3 saved clients
    • PayPal payments only
  • Basic$9.99/month
    • 100 monthly invoices
    • 25 saved clients
    • Up to 2 team members
  • Professional$19.99/month
    • 250 monthly invoices
    • 100 saved clients
    • Up to 10 team members
  • Enterprise$29.99/month
    • Unlimited monthly invoices
    • Unlimited saved clients
    • Up to 25 team members

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 Invoicely if

  • You need invoice creation.
  • You want to start without paying.
  • You work on web.
  • You also want recurring invoices.
Invoicely review

Choose Modern Treasury if

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

Questions people ask

Is Invoicely or Modern Treasury better?
Neither clearly leads. Invoicely 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, Invoicely or Modern Treasury?
Invoicely has a free tier; the other does not. Paid plans start at Free for Invoicely and On request for Modern Treasury.
Does Invoicely or Modern Treasury run on more platforms?
Invoicely runs on web. Modern Treasury runs on Web.
Can I use Invoicely for free?
Yes. Invoicely has a free tier, so you can try it without paying. Modern Treasury starts at On request.
What is Invoicely best used for?
Invoicely is most often used for freelancers sending a small number of invoices for free, small businesses needing recurring billing and time tracking, multi-currency invoicing for international clients, teams needing shared access to client invoicing. Of those, freelancers sending a small number of invoices for free and small businesses needing recurring billing and time tracking are not what Modern Treasury is typically brought in for.
What can Invoicely do that Modern Treasury cannot?
Invoicely covers Invoice creation, Recurring invoices, Time, expense, and mileage tracking, Multi-currency support. Modern Treasury covers Multi-rail payment initiation, Bank connectivity, Ledgers, Automatic reconciliation.

Answered from the vendors’ own pages

Invoicely: Is there a free plan, and what are its limits?

Yes, the Free plan allows up to 5 monthly invoices and 3 saved clients, with PayPal-only payments and no team members, and requires no credit card.

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.

Invoicely: What does Invoicely cost?

Paid plans start at Basic for $9.99/month, Professional at $19.99/month, and Enterprise at $29.99/month, each raising invoice, client, and team member limits.

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.

Invoicely: Can I change or cancel my plan?

Yes, Invoicely allows customers to upgrade or downgrade their subscription level at any time.

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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