Brex vs. Mercury — Which Is the Best Online Banking Platform?

Mercury 4.9 stars vs Brex 4.5 stars.

Tech startup banking is a necessity for scaling companies. Both Mercury and Brex are startup-centric, fintech companies that offer online banking services. While neither is technically a bank, they both offer business checking, business credit, and other financial services for startups. 

But, which is the best online banking platform for your startup? Keep reading our Brex vs. Mercury comparison review to learn about how these platforms stack up against each other.

Our Pick: Mercury

With up to $5 million in FDIC insurance, Mercury is perfect for early- to growth-stage startups. Start your banking journey today and enjoy a $200 welcome bonus when you deposit $10,000 or more.

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Mercury vs. Brex At a Glance

FeatureMercuryBrex
No monthly fees
No minimum balance
No domestic and international wire transfer fees
ATM cash withdrawals
Access to startup funding
APYUp to 5.35% on Mercury Treasury accountUp to 4.91% on Brex Treasury account
FDIC InsuranceUp to $5 MillionUp to $6 Million
Additional ProductsCorporate cards, treasure account, SAFEs, financial workflows, investor connect, etc.Financial modeling tools, corporate cards, treasury account, travel and expense management, etc.
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What Is Brex?

Brex is a fintech company that provides banking services for venture-backed startups. The company is a tech-forward alternative to traditional banks, emphasizing its ability to quickly onboard new customers and provide a seamless digital experience for managing business finances. 

Brex made a name for itself by offering credit cards to early stage startups without requiring a personal guarantee or security deposit — instead using real-time data to assess a company’s creditworthiness. Brex’s corporate cards come with high limits and rewards tailored to typical startup spending categories like software subscriptions, billboard advertising, and travel.

Who Is Brex Best For?

A Brex business account ideally suits early stage startups backed by venture capital (VC) investment. In fact, in order to qualify for a Brex account, businesses must have VC funding. 

Read our full Brex review to learn more.

What Is Mercury?

Mercury is a digital banking platform designed specifically for tech companies, startups, and ecommerce businesses. Unlike traditional banks, Mercury operates entirely online and offers a suite of financial services tailored to the needs of modern businesses. The company’s core offerings include checking and savings accounts, virtual and physical debit cards, and a user-friendly web and mobile interface for managing finances.

A key feature of Mercury is its focus on providing a seamless banking experience for startups and tech companies. The company offers tools like API access for easy integration with other financial software, team management features for delegating account access, and real-time updates on cash flow. Mercury also provides more competitive interest rates on savings accounts compared to many traditional banks, making it attractive for businesses looking to maximize their idle cash. 

Who Is Mercury Best For?

Like Brex, a business bank account with Mercury is a great fit for early stage, VC-funded startups. However, Mercury is more accessible than Brex with no specific funding level or time in business requirement to sign up.

Read our full Mercury review to learn more.

Grow With Mercury

Mercury is a superior banking choice for startups and high-growth businesses.

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Mercury vs. Brex: In-Depth Features Comparison

Both Brex and Mercury have become innovators in the fintech space, changing the way early stage businesses manage their finances. But, they each bring unique strengths to the table. We’ve outlined a head-to-head comparison of Brex and Mercury below, examining key factors like account accessibility, core banking features, fee structures, credit options, cash flow management tools, integrations, customer support, scalability, international capabilities, security measures, startup benefits, and investor connections.

Account Accessibility and Eligibility

🏆 Mercury

Mercury generally offers broader account accessibility and eligibility when compared to Brex, making it a more inclusive option for a wider range of businesses. Mercury has been more open from the start to various types of companies, including bootstrapped startups, small businesses, and even sole proprietorships. 

Mercury’s account opening process is typically simpler and faster with fewer restrictions on company structure or funding status than Brex. Mercury also doesn’t require a minimum balance or impose transaction limits that are as strict as Brex’s, making their accounts more accessible to early stage or smaller businesses. 

Core Banking Features

🤝 Tie

Mercury and Brex are very similar when it comes to core banking features with both offering robust solutions tailored for modern businesses. Each provides essential services, such as checking and savings accounts, debit cards (both physical and virtual), ACH transfers, wire transfers, and bill pay functionality. Both companies also offer user-friendly digital interfaces, mobile apps, and desktop platforms that allow for easy money management, real-time transaction tracking, and financial insights. 

Fee Structure

🏆 Mercury

Mercury offers a more favorable fee structure overall compared to Brex, making it a more cost-effective option. Mercury provides most of its banking services without monthly fees or minimum balance requirements. While the platform does have two paid plans, the free plan provides a robust suite of features for banking and more. Brex offers a free membership as well, including basic banking features and 24/7 customer support. However, businesses must upgrade to one of Brex’s paid plans to gain more robust features. 

Credit and Funding Options

🏆 Mercury

Both Mercury and Brex offer corporate credit cards through Mastercard with Brex offering up to 7 times cash back and Mercury offering unlimited 1.5% cash back on all spending. Where the two services differ is in funding options. Brex doesn’t offer funding options beyond credit cards whereas Mercury offers credit cards, venture debt, and working capital financing. 

Cash Flow Management and Financial Tools

🏆 Brex

Brex offers a more comprehensive suite of financial management features compared to Mercury. Brex’s platform includes advanced expense management, including an artificial intelligence (AI)-powered expense assistant, real-time spend reporting, and bill pay — all available with the free account. Mercury does include some bill pay features, up to five bills per month on their free plan, but doesn’t provide expense or spend management features. 

Integrations

🏆 Mercury

Both Mercury and Brex offer accounting software integrations with QuickBooks Online, Xero, and NetSuite. Brex offers custom and advanced integrations with their paid plans. However, Mercury stands out for its free third-party integrations with platforms like Stripe, Slack, and more. In contrast, third-party integrations are only available for Brex’s paid plan members. 

Customer Support

🤝 Tie

Both Mercury and Brex offer 24/7 live chat support for their customers. For admins and bookkeepers using Brex, dedicated support is available with paid plans. Both platforms offer extensive resources for additional support requirements, including help centers, guides, and demos. 

Scalability and International Capabilities

🏆 Brex

With features like multicurrency accounts, international payments, and higher credit limits that grow with the company, Brex is better equipped to handle cross-border operations. The platform boasts a suite of global-friendly features, such as global reimbursements, local cards and billing in more than 100 countries, and multilingual support. However, many of their valuable international features require a paid subscription to access. 

Security Measures

🏆 Mercury

Mercury provides advanced security options, such as two-factor authentication (2FA) for all users, customizable user permissions, and detailed audit logs for account activity. The platform employs bank-grade encryption and monitors transactions 24/7 for suspicious activity. Mercury also offers virtual cards with unique numbers for each vendor, reducing the risk of fraud.

Partner Perks and Startup Benefits 

🏆 Mercury

Mercury offers an extensive and carefully curated library of partner perks — from discounts and valuable software solutions like Gusto to free credits for cloud hosting platforms like Amazon Web Services (AWS). Brex doesn’t offer a partner perks program for customers, but Brex customers can take advantage of travel features and pre-negotiated discounts. 

Investor Connections

🏆 Mercury

The platform’s Mercury Raise program connects startups with top investors through an investor database and pitch features. Plus, startups can keep updated on industry trends with the platform’s fundraising insights. Comparatively, Brex doesn’t offer any investor networking opportunities.

Mercury vs. Brex: Customer Reviews

Mercury boasts a higher star rating on Trustpilot, earning 3.6 out of five stars, compared to Brex’s 2.9 out of five stars. However, both of these star ratings are fairly low overall. Mercury’s positive reviews commonly include mentions of an easy setup process, an intuitive platform, and robust perks. Negative reviews, on the other hand, mention a lack of global capabilities and slow deposits.

The most common complaints Brex receives relate to the application process as well as account closures and a lack of transparency surrounding features. Alternatively, positive reviews commonly cite an easy-to-use platform and helpful features like expense management tools.

Both companies respond to customer reviews. However, Brex appears to respond to positive reviews more frequently than negative comments. In contrast, Mercury responds to most reviews — both negative and positive — with potential solutions or further information.

Here are some reviews (from Trustpilot) from verified Brex customers:

“Brex is fantastic! We have loved using Brex credit cards for our startup company. The initial selling point for us was no personal guarantee — we have funding for our startup and want to minimize the personal financial ties to it — so this was just what we were looking for. But the benefits have surpassed just that, as Brex is very easy to use, and helps us cleanly track our spending and cash flow. We are very happy with this card.”

“Pretty solid software and [corporate] card manager; could use some improvement in reporting, though. Super easy to add virtual cards and order a physical card.”

“They freeze accounts very easily and require a lot of documentation. But other than that it works fine.”

“Using Brex was quick and easy. I’m not sure there’s more that you could want from a provider than this. The virtual card was available immediately and the physical card came a few days later. I was able to purchase equipment with the virtual card right away. Overall positive experience.”

Here are some reviews (from Trustpilot) from verified Mercury customers:

I own a handful of small businesses, including a CPA firm, and have used almost all of the nationwide banks for my clients or my businesses. Mercury has the best interface and best customer service. I can’t recommend them enough.

“They make it very convenient with automatic form generation and [a] clear/streamlined process, but company form date and tax ID took longer than promised (by not too much, though). Overall, my experience is very positive.”

“Really nice interface, easy to use. But unfortunately, they don’t support money market or other treasury options for my single member LLC, so the main reason I signed up for a mercury account (getting some yield on cash) is moot, as their checking/savings accounts pay virtually no interest on my money.”

“This is what business banking should be. Long overdue. Make the switch; you will LOVE it.”

Brex vs. Mercury: Pricing

While both Brex and Mercury offer a myriad of banking services and features for startups, Brex offers more packages from which to choose. Here’s how the pricing, fees, and features compare for the Mercury and Brex online banking platforms: 

Brex

Essentials (Free)

Notable Features:

  • Global virtual cards 
  • Business account and bill pay 
  • A 4.92% yield 
  • An artificial intelligence (AI)-powered expense assistant 

Premium ($12/month)

Notable Features:

  • In-app travel tools 
  • Dedicated customer support
  • Custom procurement workflows 
  • Customer expense policies and approvals

Enterprise (Custom Pricing)

Notable Features:

  • Local cards and billing in more than 50 countries 
  • Unlimited policy customization 
  • Top-tier customer support 
  • Locally funded payments in more than 40 countries 

Mercury

Free (Some Fees Apply) 

Notable Features:

  • Checking and savings accounts 
  • No hidden fees or overdraft fees 
  • No minimum balance requirement 
  • A 5.46% yield through Mercury Treasury 

While using the Mercury platform is free, some of its advanced features come with fees. These include mass payments via the platform’s application programming interface (API), exchanging money in non-US currencies, and Mercury Treasury account management.

Plus ($35/month)

Notable Features:

  • Recurring invoicing
  • Invoice branding

Pro ($350/month)

Notable Features:

  • Dedicated relationship manager
  • NetSuite accounting software integration

The Bottom Line

The key difference between Mercury and Brex is the type of startup able to use their services. Mercury is a more accessible option because it accepts US-based, early-stage startups with an EIN.

On the other hand, Brex suits large companies and startups that already have venture capital funding.

Overall, both provide powerful digital banking options. But, Mercury is the better option for early-stage startups looking for a banking solution that’ll grow with them.

Streamline Your Business Banking

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Frequently Asked Questions

Is Mercury better than Brex?

Mercury and Brex are both strong online banking options for startups. However, Mercury is a more accessible option because Brex only allows venture-backed startups to use its services. 

Is Mercury good for a business account?

Yes, Mercury is a great business banking option. This fintech company offers a 5.46% yield, access to business lines of credit, and no hidden fees or minimum balance requirements — all of which make it a strong choice for early-stage startups.

What is an alternative bank to Mercury?

For startups looking for a digital banking alternative to Mercury, Brex is a solid option. The Brex platform comes loaded with features for expense management and financial forecasting while also offering business checking accounts and lines of credit.

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