Mercury vs. Brex — 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 to learn about their key differences and how these platforms stack up against each other. 

Best Bank for Startups: Mercury

Leverage Mercury’s comprehensive online banking solutions designed to support your startup’s unique needs.

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Brex vs. Mercury: What Sets Them Apart

Accessibility

To qualify for Brex’s services, startups must be venture-backed, incorporated, and meet specific size requirements. Mercury, on the other hand, only requires businesses to be a US company with an Employer Identification Number (EIN). 

Yield Percentage

Both Mercury and Brex offer a yield percentage. However, Mercury’s is higher at 5.46% while Brex is at 4.92%. 

Key Features

Brex offers a suite of business banking services, such as financial modeling and expense management that Mercury doesn’t. However, Mercury offers more funding features beyond business credit than Brex. 

Mercury vs. Brex: Similarities

Few Fees

Both Mercury and Brex boast no monthly account fees or fees on deposits, which is a major benefit for startups seeking a fee-free banking option. 

No Minimum Balance Requirements

Many online banking options have minimum balance requirements, which can be a hassle for early-stage startups. Fortunately, neither Brex nor Mercury have minimum balance requirements. 

Access to Funding

Mercury and Brex both offer several funding options for startups, such as business lines of credit and venture debt options. 

Best Online Banking for Startups

Get a business checking and savings account with Mercury for free with no minimum balance requirements. 

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Mercury vs. Brex: Customer Reviews

Mercury is used by entrepreneurs who:

  • Run venture-backed startups
  • Have several team members
  • Are in the growth stage of the startup lifecycle

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.”

“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.”

Mercury is used by entrepreneurs who:

  • Run early-stage to growth stage companies
  • Want an easy-to-use banking platform
  • Want to combine funding options and banking services 

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.”

“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.

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. 

Open a business bank account for your startup today with Mercury

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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