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

Every startup’s banking needs are different. Both Novo and Mercury offer digital banking solutions, no monthly fees, and no minimum balance requirements. However, the platforms have some key differences that may make one of them better suited to your business needs.

If you’re trying to decide between Mercury and Novo business banking, this guide to Novo vs. Mercury demonstrates how they stack up against each other and which service works better for startups.

Mercury vs. Novo At a Glance

What Is Novo?

Novo is a digital banking platform designed specifically for small businesses and freelancers. It offers a free business checking account with no minimum balance requirements and no monthly fees plus Federal Deposit Insurance Corporation (FDIC) insurance up to $250,000. Novo integrates with popular business tools like QuickBooks, Stripe, and Shopify, allowing for seamless financial management. 

The platform provides a range of features, such as mobile check deposits, free ACH transfers, and the ability to send invoices. Novo also offers perks and discounts on various business services. While it doesn't have physical branches, Novo provides customer support through its mobile app and website. One limitation is that Novo doesn't offer savings accounts or lending products, focusing primarily on checking accounts and basic financial services for small businesses.

Who Is Novo Best For?

Novo is ideal for small business owners, freelancers, and entrepreneurs who need a simple, no-frills business checking account with useful integrations and no fees. 

Read our full Novo review to learn more.

What Is Mercury?

Mercury is a fintech company that offers digital banking services tailored for startups and tech companies. It provides both checking and savings accounts with no minimum balance requirements or monthly fees. Mercury stands out with its sleek, user-friendly interface and features designed for fast-growing companies like team management tools, API access, and virtual cards. 

The platform offers integrations with accounting software and provides detailed financial analytics. Plus, Mercury offers a unique program for networking and exclusive perks for qualified customers. While it doesn't provide traditional lending products, Mercury offers venture debt to eligible startups. Mercury is entirely digital without physical branches, like Novo, but it provides customer support through various channels that include phone, email, and chat.

Who Is Mercury Best For?

Mercury is best for tech startups, fast-growing companies, and businesses that require more sophisticated financial tools and analytics in addition to their business bank account. It's particularly well-suited for founders and teams who appreciate a modern interface, need robust team management features, and could benefit from Mercury's network and startup-focused services.

Read our full Mercury review to learn more.

Mercury vs. Novo: In-Depth Features Comparison

When choosing a digital banking platform for your business, it's crucial to understand how different services stack up against each other. This section provides a detailed comparison of Novo and Mercury — two popular fintech solutions catering to small businesses and startups. 

We'll examine various aspects of their offerings — from account accessibility and core banking features to fee structures, customer support, and more. By breaking down these key areas, we aim to provide a comprehensive overview that’ll help you determine which platform might be the better fit for your business needs. Let's explore how Novo and Mercury compare in several critical categories.

Account Accessibility and Eligibility

­ƒÅå Novo

Novo generally offers more inclusive account accessibility and eligibility compared to Mercury. While Mercury primarily caters to tech startups and high-growth businesses, Novo welcomes a broader range of small businesses that include sole proprietorships, freelancers, and traditional small businesses across various industries. 

Core Banking Features

­ƒÅå Mercury

Mercury's core banking features generally offer more comprehensive solutions for growing businesses. Mercury, Unlike Novo, provides both checking and savings accounts, allowing for better cash management. Its platform also includes more advanced financial tools, such as detailed analytics, cash flow visualizations, and customizable team permissions. Plus, Mercury offers virtual cards and API access, making integration with business operations easier. 

Fee Structure

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Mercury and Novo offer remarkably similar fee structures, both aiming to provide low-cost banking solutions for businesses. Neither charges monthly maintenance fees or requires minimum balances, and both offer free ACH transfers, mobile check deposits, and incoming wire transfers. 

Credit and Funding Options

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Mercury and Novo both offer funding options for startups. With Mercury, business owners can obtain corporate credit cards***, venture debt financing, and working capital loans****. In contrast, Novo offers merchant cash advances rather than traditional business loans. This allows business owners to borrow capital in exchange for a percentage of future sales. 

Integrations

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Both Mercury and Novo offer an array of integrations. Users can seamlessly integrate either platform with accounting software, such as QuickBooks, as well as other financial software, such as Stripe and Gusto. 

Customer Support

­ƒÅå Novo

Novo typically provides more accessible and personalized customer support compared to Mercury. While both offer digital support channels, Novo is known for its responsive customer service team that customers can reach via phone, email, and in-app chat. This means Novo often provides quicker resolution times and more individualized attention to small business owners' concerns.

Scalability and International Capabilities

­ƒÅå Mercury

Mercury outshines Novo in terms of global expansion and scaling capabilities for users, offering features that cater to growing and global businesses. Mercury provides multiuser access with customizable permissions, supports multiple currencies, and offers international wire transfers, making it more suitable for companies expanding internationally or managing complex, multifaceted operations across borders.

Security Measures

­ƒÅå Mercury

Mercury offers more advanced security features compared to Novo — particularly in terms of user access control. It provides customizable team permissions, allowing businesses to set precise access levels for different team members. Mercury also offers two-factor authentication and the ability to generate virtual cards for enhanced payment security. 

Partner Perks and Startup Benefits 

­ƒÅå Mercury

Mercury offers significantly more partner perks and startup benefits than Novo. Through Mercury, customers gain access to an array of discounted services from platforms like Gusto, Amazon Web Services (AWS), and more. Plus, Mercury offers several programs and resources to help startups gain access to funding. 

Invoicing Tools

­ƒÅå Novo

Novo offers more robust and user-friendly invoicing tools than Mercury, making it a stronger choice for businesses that frequently bill clients. Novo's built-in invoicing feature allows users to create, send, and track invoices directly from their banking platform to streamline the billing process. This simplifies financial management for small businesses and freelancers while Mercury is only beginning to offer invoicing services. 

Investor Connections

­ƒÅå Mercury

Mercury has a clear advantage over Novo when it comes to investor connections — particularly for tech startups and high-growth companies. Through its Mercury Raise program, Mercury provides qualified startups with introductions to a network of top-tier investors who can potentially open doors to crucial funding opportunities. This feature, combined with Mercury's focus on the startup ecosystem, creates a more conducive environment for businesses seeking venture capital, giving Mercury a significant edge over Novo in this aspect.

Novo vs. Mercury: Customer Reviews

Novo has a higher rating on Trustpilot, earning 4.4 out of five stars, than Mercury, which has only 3.6 out of five stars. Positive reviews attributed to Novo commonly reference the lack of fees, easy setup, and intuitive features. Mercury’s positive reviews also cite an easy sign-up process and no fees. Plus, customers referenced Mercury’s strong user experience and tech features — ideal for startups and tech-based companies.

Additionally, Novo hasn’t responded to positive or negative reviews of the platform. Mercury, on the other hand, responds to most reviews — both positive and negative — with insights and feedback for reviewers.

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

“I had wanted a solution for starting up my small business and Novo had everything I needed and then some: invoicing, ACH transfers, [and] integration with other platforms like Square and QuickBooks.”

"[It’s my favorite for online business banking so far. The only knock I have against them is low limits, as we expect to make a high volume of payments in the future to our 1099 contractors.”

“Novo is an okay business account for someone small who doesn't want to pay fees. Beware, though, you get what you pay for. Lots of amenities are unavailable, customer service is slow and not extremely [knowledgeable] or helpful. If you can afford it, look elsewhere.”

“[Novo] lowers the barrier to entry for starting a business. There can be a lot of daunting steps to set one up, Novo does a great job of making banking setup simple and pain-free. Further, the app has useful insights, makes check deposit easy, and the reserves feature is great for organizing and allocating.”

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

"[Mercury is] easy to set up and working well so far. Definitely glad I chose this route for online banking."

"[Mercury] absolutely needs Zelle. Chase and Wells Fargo both have it, and we relied on it heavily for instant payments. Things have gotten much slower now despite everything else being streamlined at Mercury."

“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.”

"There is no better online bank for non-US residents with an entity in the states. Support is super quick. The cash flow of my business had recently [experienced] some hard times and they were able to provide me with funding from one of their partners. It doesn't get much better than this."

Novo vs. Mercury: Pricing

There’s no cost to open a business checking account with either Novo or Mercury. However, the two platforms differ in features they offer and their potential fees. Below, you’ll find a brief look at how these two online banking providers stack up against each other. 

Novo Business Checking

Price: Free (Some Fees Apply) 

Notable Features:

• No monthly or overdraft fees 
• No minimum balance requirement 
• Free incoming wire transfers
• Integrations with several software solutions 

Novo’s business checking account doesn’t charge monthly fees or require a minimum balance to set up. However, the platform lacks several valuable features like cash deposit capabilities and the ability to send outgoing wire transfers.

Mercury Business Banking

Price: Free (Some Fees Apply) 

Notable Features:

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

While you can use the Mercury platform for free, some advanced features may incur fees. These include making mass payments using the platform’s API, exchanging money in non-US currencies, and using Mercury Treasury account management tools.

Plus ($35/month)

Notable Features:

• Recurring invoicing 
• Invoice branding 

Pro ($350/month)

Notable Features:

• Dedicated relationship manager 
• NetSuite accounting software integration

The Bottom Line

Both Novo and Mercury are decent options for startup banking. However, startups looking for a robust platform with access to a savings account and rewards for idle cash should choose Mercury. 

The Mercury platform offers more features and access to funding options that aren’t attainable with Novo. However, Novo is a great option for small businesses or freelancers looking for extensive invoicing features and a free, basic banking platform. 

Frequently Asked Questions

Explore More Reviews

• Mercury Business Account
• Mercury Corporate Card
• Novo Business Banking

*Mercury is a fintech company, not an FDIC-insured bank. Checking and savings accounts are provided through bank partners Choice Financial Group, Column N.A., and Evolve Bank & Trust; Members FDIC. Deposit insurance covers the failure of an insured bank. Checking and savings account deposits may be held by sweep network banks. Certain conditions must be satisfied for pass-through insurance to apply. Learn more here.

**Disclosure: Mercury Treasury, offered by Mercury Advisory, LLC, an SEC-registered investment adviser, seeks to earn net returns up to 4.43% annually on your idle cash. Net return or yield provided assumes total Mercury deposits of $20M+, is accurate as of 04/29/2025, and is subject to change.

***The IO Card is issued by Patriot Bank, Member FDIC, pursuant to a license from Mastercard®. To receive cash back, your Mercury accounts must be open and in good standing, meaning they cannot be suspended, restricted, past due, or otherwise in default.

****Mercury’s Venture Debt and Working Capital loans are originated from Mercury Lending, LLC (NMLS: 2606284) and serviced by Mercury Servicing, LLC (NMLS: 2606285).