Score 9.8
Regulation FSA, PCI
Pleo card
Score 9.8
Regulation FSA, PCI

What is Pleo Business Banking?

Pleo is a radical new way for companies to manage expenses with instant on-demand Prepaid Mastercard virtual cards. Employees use plastic cards for in-store purchases and virtual ones for online purchases.
This new system enables employees to buy the things they need, and companies retain full control of all the spending. The fantastic technology reduces administrative functions and simplifies bookkeeping.

Key Details

Founded
2015
Users
12,000+
Backed By
Creandum
Regulations
DFSA
Rating
Pleo Key Details
Founded 2015
Users 12,000+
Backed By Creandum
Regulations DFSA
Get started with Pleo

Pleo Account Pros & Cons

Pros
  • green-check-mark No need for employees to carry cash
  • green-check-mark Integrates easily with most accounting software
  • green-check-mark Decreases time spent on expense reports
Cons
  • No credit facility, employers need to top up employees cards
  • Cards are strictly personal and cannot be reassigned to other users

Pleo Banking Features

The Pleo banking system is full of features designed to make business easy for managers. Each feature works in conjunction with the various departments responsible for handling employee expenses, on a local and international level.

Multi-currency accounts

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The Pleo cards support multi-currency, and any transactions will appear under the expenses section in your Pleo account. The transaction will appear in the local currency of the respective merchant. It will be instantly converted to your Pleo wallet’s chosen currency, and this amount is deducted from your account.

Payments

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The Pleo Card is a purely prepaid card system. Employers need to fund the Pleo card account and set limits for each employee. It does not work like a traditional bank card, and payments are manually controlled by the employer, which is what makes Pleo cards such a useful tool in controlling spending.
Employers can decide upfront what the budget is for each employee. As well as for the company in total, and transfer the required funds based on that budget. Employees that reach their limits can only get access to more funds by contacting the employer and requesting more funds or an increase in their spending limit.

Corporate card

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The card has the company name on it, but it is allocated to a specific individual by the managers of the company. Unlike a traditional corporate card, Pleo managers get automated expense reports, and real-time notifications whenever employees use the card. Managers can view all the information in the Pleo online dashboard.

Employees, roles & permissions

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Both virtual and plastic cards can be customized per employee. The company sets limits and access rights for every employee. An added benefit is that the cards can be topped up at no extra charge if thresholds are reached.
There are many functions and features available through the dashboard. Admin users can invite people to the Pleo app, create teams, and set limits per individual employee through the panel. They have full control over who has access to the dashboard and which areas of the dashboard each person can access according to their roles.

Accounting Tools

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From an accounting perspective, Pleo offers a receipt matching function making expense reports more accessible. It also allows for the integration of Pleo to accounting software such as Xero, Quickbooks, and Sage. There are other integrations available which are listed on the integrations page.
Accounting departments can also benefit from the feature of being able to split the expenses into multiple VAT rates and accounts. Employees are also able to upload and share their receipts to Pleo, shortening the time frame for expense recons to be completed.

Integrations & API

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Companies can link the Pleo cards to Paypal and MobilePay. The company can also link the cards to Uber accounts, making travel easier for employees. Pleo has partnered with other companies that provide a service that will make Pleo even more useful for companies such as Storebox.
This service allows merchants to send receipts directly to Storebox, which integrates with Pleo and instantly matches the receipt to the purchase on the employee’s account dashboard. No need for uploading of manual receipts, although currently, not all merchants work with Storebox yet.

Security

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Pleo is PCI certified, with cardholder data protected by data encryption, stored in a PCI-DSS level-1 compliant data centre, in the EEA. A 2048-bit SSL encryption further protects all the data. The card transaction data passes via VPN-tunnels on to a certified PCI-DSS level-1 processor.
All purchases done using Pleo cards are tracked in real-time. So should there be an unauthorized transaction, you can block the card any time from the Pleo web or mobile app. When companies load money into the Pleo account, the money moves into a segregated account. This account is with the Danske Bank or JP Morgan Bank, where your money is held securely in accordance with European Union Law and remains solely your property, protected from third party claims.

Perks

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Pleo offers a host of perks for its customers. Ranging from discounts on food orders, as well as exclusive offers for business services such as SendGrid. At the moment, there are fifteen various offers for Pleo customers, found under the FAQ section. Periodically the list increases, as Pleo adds new perks to the already existing ones.

Customer Support

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Customer support is available on the Pleo website via a live chat option, and customers can also email queries directly to the Pleo support centre. Even though there are various customer support options, Pleo has also ensured that almost anything that you need to do, pertaining to the cards is accessible through the app.
It has the functionality to freeze cards should you suspect an unauthorized transaction, reset pins, increase or decrease limits, and full control over who has access to the company’s Pleo dashboard. There is very little that admin controllers can’t do through the Pleo app dashboard.

Pricing & Plans

Pleo offers three packages for companies. The first is the Essential Package, which allows for up to five users. It provides most of the Pleo features but won’t allow for some of the more advanced features such as advanced customization and reporting functions.

The Pro package offers more functionality and reporting functions than the Essential package and has no limit on the number of users. The Premium package is a fully customizable package aimed towards large companies, and a price is available on request.

Pleo offers three packages for companies. The first is the Essential Package, which allows for up to five users. It provides most of the Pleo features but won’t allow for some of the more advanced features such as advanced customization and reporting functions. 

EssentialProPremium
Price per month (per user)£6£10Upon request
Plastic cards
Virtual cards
Instant capture of merchant
Accounting integrations
Expense management
Real-time notifications
Advanced customisation
External bookkeeper access
Custom onboarding
End-to-end serviced foreign VAT recovery
Business travel insurance
Essential
Price per month (per user) £6
Plastic cards green-check-mark
Virtual cards green-check-mark
Instant capture of merchant green-check-mark
Accounting integrations green-check-mark
Expense management close-mark-black
Real-time notifications close-mark-black
Advanced customisation close-mark-black
External bookkeeper access close-mark-black
Custom onboarding close-mark-black
End-to-end serviced foreign VAT recovery close-mark-black
Business travel insurance close-mark-black
Pro
Price per month (per user) £10
Plastic cards green-check-mark
Virtual cards green-check-mark
Instant capture of merchant green-check-mark
Accounting integrations green-check-mark
Expense management green-check-mark
Real-time notifications green-check-mark
Advanced customisation green-check-mark
External bookkeeper access green-check-mark
Custom onboarding close-mark-black
End-to-end serviced foreign VAT recovery close-mark-black
Business travel insurance close-mark-black
Premium
Price per month (per user) Upon request
Plastic cards green-check-mark
Virtual cards green-check-mark
Instant capture of merchant green-check-mark
Accounting integrations green-check-mark
Expense management green-check-mark
Real-time notifications green-check-mark
Advanced customisation green-check-mark
External bookkeeper access green-check-mark
Custom onboarding green-check-mark
End-to-end serviced foreign VAT recovery green-check-mark
Business travel insurance green-check-mark
Get Started with Pleo

Pleo fees

Fees are charged monthly per user. Additional fees are charged for withdrawals and sundry processes such as extra cards. Please see below a breakdown of the fees.

Free Domestic Transfers green-check-mark green-check-mark green-check-mark
Free International Transfers green-check-mark close-mark-black green-check-mark
ATM Withdrawl Fees

£4.00

2.5% fee

Free

Free Domestic Transfers
green-check-mark green-check-mark green-check-mark
Free International Transfers
green-check-mark close-mark-black green-check-mark
ATM Withdrawl Fees

£4.00

2.5% fee

Free

FAQ

Who can open a Pleo business account?

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Pleo is aimed at businesses that want to control their employee’s spending with a cashless solution of virtual or plastic cards.

What countries can I open an account in?

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Currently, Pleo is available to companies registered in Ireland, Denmark, Spain, Sweden, Germany, and the UK.

What documents do I need to open a Pleo Account?

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To make use of the Pleo account, companies need to be verified. The following documents are required for verification:

  • Copy of a valid ID document (Driver’s license and passport are also acceptable)
  • Proof of residence (A government agency letter from within the last three months)
  • Latest Articles of Association

How do I open a Pleo bank account?

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You can register a new Pleo account online. The process will guide you through a series of screens that will ask you for certain required information. Once you have registered, you will be required to send through documents to verify the company before you can start using your account.

How can I access my account?

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The Pleo dashboard is your portal to your account information. It is available via a PC and on the mobile app.

Is my money safe?

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All account users’ funds are kept safe in a segregated account, which is held by Danske Bank or JP Morgan. This money is held securely in accordance with European Union Law. It remains solely your property and is protected from any third party claims.

User Reviews

5/5
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Simplified expenses, taking the hassle away from making one-off purchases where required. Also, user experience is slick throughout.

By Jake Story Apr 3, 2020
5/5
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Wonderful experience, great UI, great customer support. Nothing negative so far!

By Stefan S Sep 10, 2019

Our Verdict

Pleo is a smart and efficient prepaid card system that makes business owners and accountants workload easier. Through prepaid cards, a business can now control how much and where their employees spend company money.
It takes the time-consuming task of employee expenditure and consolidates it into one efficient dashboard. Not having to worry about unexpected expenses frees up the business owner to focus their time on growing the business. Pleo is an essential service that all companies should be using.