Lido alternative
Lido pairs AI extraction with spreadsheet analysis for finance teams. BankFormats does one job — clean, reconciled statement conversion — and does it on EU servers.
What Lido is
Lido uses AI to pull transactions, balances and account details out of almost any statement layout, and puts the result into a spreadsheet environment where finance teams can analyse it. Its output options include Excel, Google Sheets, CSV and QBO.
The distinction that matters is scope. Lido is aimed at teams that want extraction and analysis in one place. BankFormats is deliberately narrower: it converts statements accurately, hands you the file, and gets out of the way.
What Lido does well
- Layout-agnostic AI extraction — no per-bank setup for unusual or one-off statement formats.
- Google Sheets output, which matters if your team works there rather than in Excel.
- Analysis and reporting live alongside the extracted data instead of in a separate tool.
BankFormats vs Lido
Figures for Lido were taken from publicly available information on lido.app and last checked on 1 September 2026. Where something is not publicly stated it is marked as such rather than guessed at — verify anything that matters to your decision directly with the vendor.
| Criterion | BankFormats | Lido |
|---|---|---|
| Export formats | Excel (XLSX) and CSV | Excel, Google Sheets, CSV and QBO |
| Product scope | Statement conversion only | Extraction plus spreadsheet analysis and reporting |
| Dedicated European bank handling | Yes — tested per bank for nine European banks | Layout-agnostic AI extraction rather than per-bank handling |
| Where statements are processed | EU servers, GDPR-compliant | Not stated |
| Try before paying | Free preview on your own statement | Not stated |
Where BankFormats differs
A converter, not a platform
If what you actually need is a clean file, a platform is overhead — another login, another place your bank data lives. BankFormats converts the statement, gives you the Excel or CSV, and keeps nothing lying around.
European bank layouts are handled explicitly
General-purpose AI extraction is impressive on unusual layouts and merely adequate on the ones you use every week. Dutch and European statements get dedicated, tested handling here rather than being another layout for the model to guess at.
EU processing as a default, not a plan tier
Statements are processed on EU servers under the GDPR. For a bookkeeper handling client bank data, that is a baseline requirement rather than a feature to negotiate.
Reconciliation is the accuracy test
AI extraction fails quietly — the output looks plausible and one row is wrong. Balances that tie out to the statement are how you catch it, which is why that is the benchmark worth applying to any tool in this category, this one included.
Which should you pick?
Pick BankFormats if…
Pick BankFormats if you want a converter rather than a platform, if your statements are European, or if EU processing is a hard requirement for the client data you handle.
Pick Lido if…
Pick Lido if your team works in Google Sheets, if you want extraction and downstream analysis in a single product, or if you regularly handle unusual statement layouts where general AI extraction genuinely earns its keep.
Lido vs BankFormats — frequently asked questions
Is BankFormats cheaper than Lido?
The models differ enough that a straight comparison misleads: BankFormats is pay-as-you-go credits after a free preview. Convert a real statement on both and compare the cost for your actual volume rather than the headline price.
Does BankFormats do analysis like Lido?
No, and deliberately so. It converts statements to Excel or CSV; the analysis happens in whatever tool you already use. If you want extraction and reporting in one place, Lido is the better fit.
Which is more accurate?
Do not take either vendor's word for it, ours included. Run the same statement through both and check whether the closing balance matches the PDF. If a converter cannot reconcile a statement you can verify by hand, it will not reconcile the ones you cannot.
Test it on your own statement
Convert a preview for free, check the balances tie out, and decide for yourself. No comparison page beats your own file.
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