Pleo review

Pleo automates expenses and streamlines company spending.

Pleo

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.

You will also be able to set spending limits for your cards, connect Pleo to your accounting software and contact Pleo’s customer service if you need help.

Using Pleo abroad

Pleo cards can be used on business trips in the same way they can be used in the UK. However, there is a 2% foreign transaction fee when you use your card abroad.

Pleo fees and limits

Pleo comes for a subscription fee of £6 (Pleo Essential) or £10 (Pleo Plus) a month. Pleo Plus offers a few extra features, including the ability to set personalised limits for your employees’ cards, advanced spending reports and notifications whenever expenses that go over a certain amount occur.

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 2% charge.
  • Customer refunds will cost you £25.
Pleo
Pleo
Account fee£6
FSCS protected
UK ATM charge£4
Account software integration
Accounting integrationsFortnox, Sage, Xero
Additional cardsUp to 5 users / cards
Additional card fee£10
Requires credit check
Credit check
Overdraft
Freeze card from app or online banking
Instant notifications
Interest rate0%
Current account switch guarantee

Doing business overseas with Pleo

Pleo
Pleo
Overseas transaction chargeNo fee
Overseas ATM charge£4
International transfer chargeN/A

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 subscription fee is more expensive than 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.

Compare Pleo vs alternatives

Name Product Account fee Bank transfers Accounting integrations Non-Sterling transactions Overdraft Account management Key benefits
Pleo
£6
Fortnox, Sage, Xero
No fee
App, Online
Soldo
£5
Per card
QuickBooks, Xero
a flat 1% FX fee for any transaction in the non-domestic currency
App, Online
Spending limits, real time notifications, company cards
Equals Business Expense Card
£50
+ VAT per year
N/A
A 1.5% currency fee applies when a transaction is made in a currency other than GBP, EUR, USD, CAD, AUD, NZD, DKK, HKD, NOK, PLN, ZAR, SEK, CHF, HUF, JPY
App, Online
loading

Compare up to 4 providers

The verdict

Pleo can be a valid solution if you own a small business that also has a lot of expenses made by different employees. If that’s the case, it will make your life easier by allowing you to track them easily.

On the other hand, Pleo isn’t a full business account and the fees aren’t especially competitive, so you should compare a range of similar products and make sure Pleo is the best for your needs before going for it.

In a nutshell, it all comes down to how your business finances work. If you already have a business account but its app is terrible for tracking expenses, Pleo can be an effective alternative.

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

FAQs

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

More guides on Finder

  • The 7 best stock trading apps and platforms in the UK

    We’ve taken a look at some of the best trading apps in the UK and explained who they’re best suited to. Our table compares fees and services too.

  • Compare business bank accounts

    Discover what business bank accounts offer and how to compare them to find the best account for you.

  • Limited company loans

    See how to get a business loan as a limited company in the UK, and how much you can borrow.

  • Sole trader loans

    Find out how to get a loan if you work for yourself, including which lenders offer business loans for sole traders.

  • Best Dogecoin (DOGE) wallets

    An in-depth guide to the best wallets for storing Dogecoin (DOGE), and how to choose the right wallet for your needs.

  • Commercial bridging loan

    Everything you need to know about commercial bridging loans. We look at when they’re useful, how they work and what to be aware of before taking one out.

  • Loans for small businesses affected by coronavirus

    Learn about government support and alternative options for businesses needing finance to help deal with the impact of coronavirus.

  • Why it pays to be a patient investor

    One way to develop healthy investing habits is to make regular contributions to your investment pot over a period of time, instead of investing a large lump sum. This is called “pound-cost averaging”. It’s a way of investing without trying to time the market.

  • Interactive Brokers review

    Find out what we thought of Interactive Brokers, some key features, information about its platforms and how much Interactive Brokers costs.

  • What are SPACs?

    SPACs are a unique way for companies to float on a stock exchange. Find out how they work and how SPACs differ from IPOs.

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