Payhawk vs Pleo: Features, Coverage and Pricing Compared (2026)
Updated November 11, 2026 · Reviewed by Benjamin Margolis
Payhawk and Pleo both give European companies cards, receipt capture, and accounts payable. Pleo charges per user on a posted price list and starts at approximately $11. Payhawk prices by module from $349 a month and adds procurement, travel, and multi-entity controls.
Our analysts compared the two on November 11, 2026, using each company's own product, pricing, and company pages and our full reviews of Payhawk and Pleo.
Choose Payhawk if
- you run several legal entities
- you want procurement and travel in the same platform
- you link cards you already hold
Choose Pleo if
- you want posted per-user prices
- you want self-serve setup
- your team is small
Payhawk scores 81 and Pleo scores 79 in our ratings. Pleo is quicker to start for small teams. Payhawk suits larger companies that want several modules together.
Key Features Compared
Payhawk vs Pleo at a Glance, November 2026
| Feature |  Payhawk | Pleo |
|---|---|---|
| Ratings | ||
| Fintech Index score | 81 / 100Higher score | 79 / 100 |
| Overview | ||
| What it is | Spend-management platform that issues company cards, captures receipts, pays supplier invoices, and syncs spending to accounting | Spend-management platform that gives staff company cards, captures receipts, pays supplier invoices, and syncs spending to accounting |
| Who uses it | Mid-market and enterprise finance teams across Europe and North America that run several legal entities; more than 6,000 customers | Small and mid-size European companies; more than 40,000 businesses in 16 markets |
| Main products | Payhawk Visa cards or linked Visa, Mastercard, and American Express cards, expenses, accounts payable, procurement, travel, multi-currency accounts, and AI agents | Physical and virtual Mastercard cards, vendor cards, expense claims, invoice scanning, accounts payable, and sub-accounts |
| Where it operates | Europe and North America | 16 European markets |
| Products and features | ||
| Company cards | Physical and virtual Visa cards with limits | Mastercard and vendor cards; limits from Build |
| Invoicing and bookkeeping | Receipts, invoices, and approvals synced to accounting | Receipts, auto-categorisation, and invoice scanning |
| Deposit guarantee | Not a bank account | Not a bank account |
| Pricing | ||
| How pricing works | Starting prices per module: Cards and Expenses from $449 a month, Accounts Payable from $349, Procurement from $499, and Travel from $299; the bundled plan is quoted | UK: Start ~$11, Build ~$19, and Optimise ~$24 per user a month; three-user minimum on Build and Optimise |
| Published prices | Starting price for each module posted | From ~$11 per user a monthPer-user prices posted |
| Technology and compliance | ||
| Licenses and account protection | Accounts are not covered by deposit guarantee schemes | Pleo Technologies A/S (CVR 36538686); does not replace a business bank account |
| Apps and API | API and custom exports | Custom exports, categories, and tags |
| Integrations and partners | More than 40 ERP, accounting, and HR systems | Accounting on every plan; HR systems on Optimise |
| Onboarding and support | Customer success team and help center | Self-serve with email support on Start; live chat on Optimise |
| Company | ||
| Founded | 2018 | 2015 |
| Headquarters | London, United Kingdom, with its largest team in Sofia, Bulgaria | Copenhagen, Denmark |
| Ownership | Private spend management software and card issuer | Private |
| Funding | Approximately $239M, including a Series B of ~$112M led by Greenoaks and a $100M extension led by Lightspeed Venture Partners in March 2022, with QED Investors, Earlybird, and Bek Ventures | Raised $200M in its 2021 Series C extension, from Coatue, Alkeon, Bain Capital Ventures, and others |
| Key leader | Hristo Borisov | Jeppe Rindom |
| Scale | More than $100M in annual recurring revenue (July 2026); approximately $239M raised | 2025 net revenue of ~$145M, up 25%; a loss of ~$51M |
Fintech Index Scores Compared
We rate every company on eight criteria from 0 to 100, four tied to what buyers in its sector need and four shared by every company, and the rating is their average. Payhawk scores 81 and Pleo scores 79.
Criterion Scores Out of 100
Key Differences Between Payhawk and Pleo
Pricing Model
Payhawk prices by module, from $349 a month for Accounts Payable, and quotes the bundled plan. Pleo charges approximately $11 to $24 per user a month in the UK, with a three-user minimum on its upper plans.
Modules
Payhawk covers cards, expenses, accounts payable, procurement, and travel. Pleo covers cards, expense claims, invoice scanning, and accounts payable.
Scale
Payhawk reports more than 6,000 customers and passed $100M in annual recurring revenue in July 2026. Pleo reports more than 40,000 companies and approximately $145M of 2025 net revenue.
Pros and Cons
Payhawk
Pros
- Cards, expenses, and invoice payments in one product
- More than 40 accounting and ERP connections
- Multi-currency accounts for European teams
- AI agents chase receipts and route approvals
Cons
- The bundled plan and larger programs are quoted by sales
- Module-based contracts add up when several modules are used
- Not a bank account
Pleo
Pros
- Published per-user prices
- Self-serve setup on Start
- Accounting integrations on every plan
- Receipt capture and accounts payable included
Cons
- Per-user pricing adds up for larger teams
- FX fees of 1.49% to 2.00% on card payments
- Build and Optimise are billed yearly
Who Each Is Best For
Payhawk
Mid-market and enterprise finance teams with several legal entities that want cards, expenses, bills, and purchase orders in one platform
Pleo
A small or mid-size European company that wants employee cards, receipts, and invoices in one tool at published per-user prices.
Alternatives to Payhawk and Pleo
These companies, all reviewed and rated on The Fintech Index, cover some of the same ground as Payhawk and Pleo.
Other Spend Management Companies
| Company | Score | Best for | Comparisons |
|---|---|---|---|
| Spendesk | 74 | European finance teams that want approvals before purchases | Payhawk vs Spendesk Pleo vs Spendesk |
| Procurify | 73 | Mid-market teams that want purchase approvals and bills in one system | Payhawk vs Procurify |
| Moss | 77 | European finance teams that want month-end automated | Moss vs Pleo |
| Soldo | 82 | European companies that want controlled employee cards | Soldo vs Pleo |
| Pliant | 75 | European firms with high card spend across many cards | None yet |
Frequently Asked Questions
Which is cheaper for a small team?
Pleo, which starts at approximately $11 per user a month, is usually cheaper for a small team than Payhawk's module prices.
Does Payhawk charge per user?
Payhawk prices by module, with starting prices from $349 a month.
Does either replace a bank account?
No. Neither is covered by a deposit guarantee scheme.
Sources
- The Fintech Index analysis of Payhawk and Pleo, conducted November 2026 (As of November 11, 2026)
- Payhawk pricing: https://payhawk.com/pricing (As of November 11, 2026)
- Payhawk about page: https://payhawk.com/about (As of November 11, 2026)
- Payhawk $100M ARR announcement, July 2026: https://payhawk.com/blog/news-payhawk-passes-100m-arr (As of November 11, 2026)
- Sacra, Payhawk revenue and funding: https://sacra.com/c/payhawk/ (As of November 11, 2026)