Mercury vs Novo

Mercury

Developer-friendly business banking platform designed for startups and tech companies, with free wires and API access.

Pricing

$299/mo

Key Features

• ✓Business checking and savings accounts with FDIC pass-through coverage
• ✓Free domestic and international wires on the base tier
• ✓Developer API with SDK support for automated banking workflows
• ✓Mercury Pro tier with NetSuite integration and dedicated relationship manager
• ✓Fund-sweep and treasury yield features for balances above $250,000
• ✓Corporate cards with configurable spending limits per employee

Pros

• +Developer-friendly API with SDKs makes it the best choice for tech-forward startups that want to automate banking workflows
• +Free domestic and international wires save significant costs compared to traditional banks that charge $15–$50 per wire
• +Fast and straightforward approval process for LLCs and Delaware C-corps — accounts open in days, not weeks
• +Strong safety infrastructure with fund-sweep controls that distribute balances across partner banks for FDIC pass-through coverage
• +Clean, intuitive interface designed by and for startup founders — no outdated banking UX

Cons

• −No cash deposit support — Mercury is not suitable for businesses that handle physical cash
• −Does not serve sole proprietorships or unregistered businesses; you need a formal business entity (LLC, Corp) to open an account
• −Certain high-risk industries (crypto, cannabis, adult entertainment) are explicitly excluded during onboarding
• −Idle cash below the $250,000 threshold does not earn yield — balances need to be substantial to benefit from treasury features
• −No payroll integration — you'll need a separate payroll provider like Gusto or Rippling

Platforms

Web, iOS, Android

Novo

Fee-free business banking for solo founders and freelancers, with strong e-commerce integrations and ATM fee refunds.

Pricing

Free

Key Features

• ✓Completely free business checking with no monthly fees or minimum balance
• ✓Free ATM fee refunds up to $7 per month at any in-network ATM
• ✓Direct integrations with Stripe, Shopify, PayPal, and QuickBooks
• ✓Same-day ACH transfers (1.5% surcharge)
• ✓Payroll add-on available (~$35/month)
• ✓Business debit card with mobile wallet support (Apple Pay, Google Pay)

Pros

• +Simplest onboarding process for solo operators — apply online and get approved quickly with no minimum deposit
• +Free ATM fee refunds up to $7/month effectively eliminate ATM costs for most freelancers and sole proprietors
• +Strong e-commerce integrations with Stripe, Shopify, and PayPal make it a natural choice for online sellers and freelancers
• +User-friendly interface with a clean mobile app that makes banking painless for non-finance-focused founders
• +Truly free — no monthly fees, no minimum balance, no account closure fees, no hidden charges

Cons

• −No corporate card offering — only a debit card, which limits spend management and expense tracking capabilities
• −Minimal expense management features compared to dedicated tools like Brex or Ramp, with no AI categorization or policy controls
• −Not designed for multi-employee businesses — no team-based roles, no multi-user card controls, and no approval workflows
• −Some customer support and fraud-assistance complaints reported — response times can be slow during incidents
• −Single account tier with limited scalability — growing businesses will eventually outgrow Novo's feature set

Platforms

Web, iOS, Android

Your business has multiple employees, you need corporate cards with per-employee limits, API access for automated banking, and free wires to suppliers and contractors.

You work alone or as a freelancer. You need a business checking account that costs nothing, works with Stripe and Shopify, and refunds ATM fees. Corporate cards and APIs are unnecessary complexity.