Accounting · head to head
Modern Treasury vs Pleo
Modern Treasury
Accounting
Payment operations and ledger infrastructure that sits between your product and your own bank accounts
- From
- On request
- Rated
- -
The short version
- Each has a real cost: 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.; Pleo card delays and transaction limits impact usability, with limited regional acceptance in some areas
- They diverge on capability: Modern Treasury covers Multi-rail payment initiation, Pleo covers Company cards.
- Prices and features above were last checked on 31 August 2026.
Where they differ
Only the attributes on which Modern Treasury and Pleo actually diverge.
| Attribute | Modern Treasury | Pleo |
|---|---|---|
| Starting price | On request | £9.5/month |
| Pricing model | quote | Unknown |
| Platforms | Web | iOS, Android, Web |
| Founded | Unknown | 2015 |
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 Modern Treasury
- Multi-rail payment initiation
- Bank connectivity
- Ledgers
- Automatic reconciliation
- Approval workflows
- Virtual accounts
- Compliance tooling
- Return and exception handling
Only in Pleo
- Company cards
- Receipt capture
- Expense categorization
- Spend limits
- Accounting sync
- Xero
- QuickBooks
- Sage
What people use each for
The jobs each tool is most often brought in to do.
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 Pleo
- A lender originating and servicing loans that must track disbursements, repayments and returns against its own bank accountsnot Pleo
- 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 Pleo
- An insurer handling premium collection and claims payment across several rails with approval controls and an auditable trailnot Pleo
Pleo
- Employee expensesnot Modern Treasury
- Spending autonomynot Modern Treasury
- Expense automationnot Modern Treasury
Where each one falls short
Documented limitations, not opinions. Every one is a constraint you would hit in normal use.
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.
Pleo
- Card delays and transaction limits impact usability, with limited regional acceptance in some areas
- Receipt capture OCR inaccuracies and upload lag/glitches complicate expense categorization
- Limited expense categories and tags reduce flexibility for complex accounting structures
- Transaction approval workflows have minimal customization options
- Lacks in-built forecasting tools and reporting is basic, providing limited insights into trends
Pricing, plan by plan
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
Pleo
£9.5/month- Starter$9.5/month
- Company cards
- Real-time expense tracking
- Automated reports
- Essential$39/month
- Reimbursements
- Mileage and per diem
- Vendor cards
- Advanced$89/month
- Cashback
- Budgets
- Multi-entity management
- Beyond$179/month
- Spending insights
- Sub-wallets
- Dedicated success manager
Which should you pick?
Choose Modern Treasury if
- You need multi-rail payment initiation.
- You also want bank connectivity.
Choose Pleo if
- You need company cards.
- You work on iOS, Android, Web.
- You also want receipt capture.
Questions people ask
- Is Modern Treasury or Pleo better?
- Neither clearly leads. Modern Treasury starts at On request and Pleo at £9.5/month, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
- Which is cheaper, Modern Treasury or Pleo?
- Modern Treasury starts at On request and Pleo at £9.5/month.
- Does Modern Treasury or Pleo run on more platforms?
- Modern Treasury runs on Web. Pleo runs on iOS, Android, Web.
- What is Modern Treasury best used for?
- Modern Treasury is most often used for a marketplace paying out to thousands of sellers that needs a ledger its application can trust rather than reconciling a payments dashboard by hand, a lender originating and servicing loans that must track disbursements, repayments and returns against its own bank accounts, 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 programmes, an insurer handling premium collection and claims payment across several rails with approval controls and an auditable trail. Of those, a marketplace paying out to thousands of sellers that needs a ledger its application can trust rather than reconciling a payments dashboard by hand and a lender originating and servicing loans that must track disbursements, repayments and returns against its own bank accounts are not what Pleo is typically brought in for.
- What can Modern Treasury do that Pleo cannot?
- Modern Treasury covers Multi-rail payment initiation, Bank connectivity, Ledgers, Automatic reconciliation. Pleo covers Company cards, Receipt capture, Expense categorization, Spend limits.
Answered from the vendors’ own pages
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.
Pleo: What are Pleo's pricing tiers?
Pleo offers four pricing tiers: Starter (GBP 9.50/month), Essential (GBP 39.00/month), Advanced (GBP 89.00/month), and Beyond (GBP 179.00/month). Annual billing provides equivalent of two free months.
SourceModern 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.
Pleo: Does Pleo have a free tier?
No, Pleo does not offer a free tier or permanent free plan. All plans require payment with a free trial available for evaluation.
SourceModern Treasury: Which rails are supported?
ACH, wires, RTP, FedNow, push to card, cheques and stablecoin payments, subject to what your bank supports.
Pleo: What integrations does Pleo support for accounting?
Pleo integrates directly with Xero and QuickBooks, plus Sage 200, Sage 50, Microsoft Dynamics 365 Business Central, Datev, and Visma e-conomic. Zapier integrations are also available.
SourceModern 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.
Pleo: What platforms can access Pleo?
Pleo is accessible via iOS and Android mobile apps, and through a web interface. Physical and virtual cards are issued for spending.
SourcePleo: Does Pleo support multiple currencies?
Yes, Pleo supports multi-currency spending and transactions. The platform is particularly strong for European teams with local payment methods.
SourceRelated pages
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