ComparisonLast checked 8 November 2026

Payhawk vs Pleo

A spend management platform with Visa debit and credit cards, expenses, bill payments, travel and procurement, priced by module. For companies larger than micro-enterprises. A spend management platform with company cards, expense capture, reimbursements and supplier invoice payments, priced per user. For UK-registered companies and partnerships. We also show Incard, our pick for businesses whose main costs go on cards.

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Where Incard beats both

You spend thousands a month on cards, especially on advertising, software or travel
You want a £0 plan, which Payhawk or Pleo don't list
You want card cashback, which Payhawk or Pleo don't list
You want accounts for UK sole traders, which Payhawk or Pleo don't list
You're comfortable with safeguarding instead of FSCS cover

cashback a year on Incard's £0 Free plan from £5,000 a month of eligible ads, software and travel spend. Simple arithmetic, not a forecast.

£600

Apply for Incard on incard.co

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What a year of card spending earns you

Incard Free against Payhawk's cheapest plan, at your monthly spend on ads, software and travel.

Monthly card spend on ads, software and travel£5,000

£2,388 a year better off with Incard

Incard Free: £600 cashback, £0 fees
Payhawk's cheapest plan: no cashback, £1,788 fees

Simple arithmetic, not a forecast: 1% on eligible ads, software and travel spend at merchants on Incard's eligible brand list, and each plan's published monthly fee. Other fees, such as FX and ATM charges, aren't included. Payhawk's cheapest plan: Growth program: £149 a month.

Payhawk suits you if

Your company is past micro-enterprise size and wants cards, bills, travel and procurement in one place
You want Visa debit or credit cards for staff
You run a single-entity UK business with fewer than 20 staff (but not a micro-enterprise) and want a fixed monthly price

Pleo suits you if

You want company cards and expense capture priced per user
You want to pay supplier invoices and reimburse staff from the same platform
Your team pays in other currencies and you'd move up a plan for a lower FX fee

At a glance

**Table notes:** correct as of 8 November 2026, from each provider's own pages listed under Sources. “Not listed” means the provider's pages we checked don't say.
	Payhawk	Pleo	Incard
Type and protection	E-money · safeguarded, no FSCS	E-money · safeguarded, no FSCS	E-money · safeguarded, no FSCS
Who can open one	Not listed	UK limited companies	UK sole traders, UK limited companies, LLPs, Swiss GmbHs and AGs and Swiss sole traders
Cheapest plan	Growth program: £149 a month	Start: £8 per user a month	Free: £0 a month
Plans (monthly)	Growth £149 a month; modules from $299 a month; custom quotes	Start £8, Build £14, Optimise £18 per user a month (Build £12, Optimise £16 billed yearly)	Free £0, Grow £49, Plus from £199
Card cashback	Not listed	On Optimise, for eligible customers; rate not listed	Free: 1% on ads, software and travel, 0.5% on other eligible spend. Higher on Grow and Plus. Uncapped
Card payments in other currencies	1.99%	2.00% on Start, 1.75% on Build, 1.49% on Optimise	1.8% on Free, 1.5% on Grow and Plus
Domestic transfers	Not listed	£1.50 each on Start; 10 or 20 free a month on Build or Optimise, then £0.95	100 included on Free, 250 on Grow, then £0.30 each
International transfers	Not listed	£8 each on Start, £6 on Build and Optimise	3 included on Grow; otherwise from £5 (SHA) or £20 (OUR)
ATM withdrawals	0.5% (minimum £2) on debit, 2.99% (minimum £5) on credit cards	£5 on Start; free on Build and Optimise	2% in the UK, 2.5% abroad
Cash deposits	Not listed	Not listed	Not listed
Currencies you can hold	Not listed	GBP, EUR, USD, DKK, SEK and NOK, for eligible customers	GBP, EUR and USD, with IBANs
Accepting card payments	Not listed	Not listed	Not listed

Where they differ

Based on what each provider lists on its own pages. If a feature isn't listed, check with the provider before you rule it out.

Only Incard lists card cashback, accounts for UK sole traders, accounts for LLPs, accounts for Swiss GmbHs and AGs and accounts for Swiss sole traders.

What each one is, and who can open one

Payhawk

In the UK, payment services and cards are provided by Payhawk Financial Services Limited (company number 14060082), authorised by the FCA as an electronic money institution (firm reference number 987096). The platform is run by Payhawk Limited (company number 11747263). Safeguarded, not FSCS: funds are held with a third-party bank, separate from Payhawk's own accounts. The Payhawk payment account isn't a bank account and the FSCS doesn't apply.

Who can open one: Corporate customers only: Payhawk isn't available to UK micro-enterprises (fewer than 10 staff and turnover or balance sheet up to €2 million) or small charities. The Growth program is for single-entity businesses in the UK or EEA with fewer than 20 employees. Full Payhawk profile.

Pleo

Pleo Financial Services UK Ltd (company number 15842283) is authorised by the FCA as an electronic money institution (firm reference number 1020730). The software is provided by Pleo Technologies A/S, a Danish company. Safeguarded, not FSCS: Pleo holds your funds in a safeguarded bank account, separate from its own money. The FSCS doesn't apply to the card or the e-money account.

Who can open one: Companies and other registered entities or partnerships acting in the course of business, registered or incorporated in the UK. Start allows one admin; Build and Optimise need at least 3 users. Full Pleo profile.

Incard

Incard Ltd is authorised by the FCA as an electronic money institution (firm reference number 1027309). It is not a bank. Safeguarded: Incard keeps customer funds separate from its own money, in accounts with authorised credit institutions, and doesn't lend or invest them. Funds are not protected by the FSCS.

Who can open one: UK limited companies and LLPs, UK sole traders and freelancers registered with their local authority, and Swiss GmbH, AG and sole-trader businesses. EEA onboarding is paused until an expected restart in 2027. Public sector bodies, cooperatives, charities, foundations and trusts aren't accepted, and a long list of industries is restricted. Full Incard profile.

Our e-money vs bank account guide explains what safeguarding and FSCS cover mean if a provider fails.

When Incard isn't the answer

Incard isn't the right account if

Your business is registered outside the UK and Switzerland. EEA onboarding is paused until an expected restart in 2027
You're a charity, cooperative, foundation, trust or public body, or work in one of Incard's restricted industries