Pleo review January 2020

Pleo automates expenses and streamlines company spending.

Last updated:

Pleo
Promoted
Pleo

Manage your company expenses with Pleo

  • Try Pleo for free
  • See all company expenses in one place, in real-time
  • Get company cards for your employees
  • Top up your Pleo with no extra fees

Pleo is a growing fintech business aiming to streamline money management for businesses. Pleo defines itself from other challenger banks by approaching a new market. Instead of trying to sell itself to every day consumers, Pleo hopes to appeal to businesses, creating a system which helps manage employees’ business expenses from a single app.

What is Pleo?

Pleo is aiming to introduce a solution to company expense management, making it easier for businesses to control their spending and see where their money is going. Pleo sells itself as a “solution”, a way of bringing together employee transactions onto one platform and as a result making business financing simpler.

How does Pleo work?

Pleo works from an app on your smartphone, the only physical aspect of it being the company cards which you can hand out to your employees. The app keeps track of your cards, your business’ budget and where it is being spent. This data is recorded and displayed on the app, acting as a bookkeeper and helping you make better decisions for your company.

The Pleo app only offers what it needs to, there are no extra features, nothing to distract you from its core functions. These include:

  • Cards: View your virtual cards, the ones on smartphones, and your physical cards. Check their status and details, who owns them and what company they are under.
  • Expenses: View transactions from every card on one page, check that every payment is necessary and company money isn’t being wasted. Cardholders can also document their receipts from here, making it easier to sort your expenses.
  • Profile: The company and personal profile registered with Pleo. Check details, manage your account and view personnel on the account.

Pleo also offers credit cards, allowing you to borrow a bit extra at competitive rates. As mentioned above, Pleo also aim to offer savings accounts too.

Using Pleo abroad

Pleo cards can be used on business trips in the same way they can be used in the UK. The base fees for transactions and withdrawals abroad are the same as those at home, however there is an administrative fee of 1.5% on any POS transactions and 2% on withdrawals on top of the base charges.

Pleo fees and limits

To maintain a Pleo account you will have to pay a £7 a month subscription fee. Along with the subscription are a number of fees for certain functions on your Pleo account, these include:

  • A £10 fee on any cards you add after opening your account. The first card you receive costs nothing.
  • Replacement cards will cost you £2.50.
  • Topping-up your Pleo account is free if you decide to top up via bank transfer. However, if you decide to load by debit or credit card you’ll be charged for 2% or 2.5% of the transfer respectively.
  • Domestic and international withdrawals cost £4 each. Transactions and balance enquiries cost nothing.
  • As mentioned above, international transactions come with a 1.5% charge and withdrawals with 2%.
  • Customer refunds will cost you £25.

Is Pleo safe?

Pleo understands how important your company (and its finances) is to you and as a result keeps security high on their priority list. All their data is protected with industry standard encryption, with a number of other measures in place to defend from any malicious attacks. Your account is kept behind a password of your choosing.

Pros and cons of Pleo

Pros

  • Once invited registration takes minutes.
  • Multiple cards can be used on the same account.
  • A simple way of documenting your expenses and managing your company’s finances.
  • Document receipts by simply taking a photo.
  • Simple, functional app.
  • Safe and secure.
  • FCA and PRA registered.

Cons

  • The £7 subscription fee is more expensive than many other fintech apps.
  • Additional fees on withdrawals and transactions, with further charges for international use.
  • You may want to consider the size of your business before considering registering with Pleo.

The verdict

Pleo definitely offers a solution to company expense management, however it may be worth considering how useful its function would be to your company and employees before deciding for every user to shell out £5 a month.

Pleo

Manage your company expenses with Pleo

  • Try Pleo for free
  • See all company expenses in one place, in real-time
  • Get company cards for your employees
  • Top up your Pleo with no extra fees
Promoted

Compare alternative business bank accounts

Updated January 26th, 2020
Name Product Interest Monthly fee Overdraft
TSB business banking
TSB business banking
0%
Up to 25 months* free day to day banking
Planned overdraft available subject to acceptance
*25 months free when keeping your account within agreed limits. £5 fee applies after this period, but will be waived if you maintain an average monthly balance of £10,000.
Revolut for Business
0%
Basic free plan, or paid subscription plans
No overdraft available
Tide
0%
No monthly fee
No overdraft available
Get a business account in minutes.
ANNA
0%
Starts from £5
No overdraft available
Starling Business Account
0%
No monthly fee
Overdraft available
Cashplus Business
0%
No monthly account management fees, annual account fee is £69
Up to £2,000 of credit, using it costs £1.50 a day
Yorkshire Bank Business Account
0%
Free for 25 months
Overdraft available
HSBC Business Current Account for Startups
0% AER
£6.50 per month
Subject to status
T&Cs Apply
Free banking for 18 months for start-ups with turnover below £2m, followed by a 12 months fixed price period of £6.50 per month . T&Cs apply. Interest Rate refers to in credit balances.
HSBC Business Current Account for Switchers
0% AER
£6.50 per month
Subject to status
T&Cs Apply
Free banking for 12 months for switchers with turnover below £2m, followed by a 12 months fixed price period of £6.50 per month . T&Cs apply. Interest Rate refers to in credit balances.
Clydesdale Bank Business Current Account
0% AER
25 months free day to day banking*
Overdraft available
*Available to start-ups and small businesses with a turnover under £2m (T&Cs apply). Other business customers are charged £6.50 a month.

Compare up to 4 providers

FAQs

Back to top
Starling Bank
Starling Bank

What is it?

Everything you get from a current account, but with new features for mobile living. (E.g. Goals for saving, spending catgorisation, interest on your balances)
N26
N26

What is it?

App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
Revolut (Standard)
Revolut (Standard)

What is it?

App-based current account with loads of extra features. (e.g. Real time transactions, payment categorisation, save spare change, free international money transfers, buy cryptocurrency)
Monese (Starter)
Monese (Starter)

What is it?

A multi-currency mobile banking app that aims to be ‘built around you’. Use it to open a fully functional current account instantly, straight from your phone, all supported by a feature-rich mobile app

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site