Mercury

Mercury is a US fintech company, not a bank, that offers business checking and savings through partner banks Choice Financial Group and Column, N.A. Sweep networks extend FDIC coverage to up to $5 million. Around the account it has built a finance stack: unlimited invoices and bill pay, the IO corporate credit card with 1.5% cashback, virtual and physical debit cards with spending limits, Treasury for balances of $250K or more, and a read-write API on every account. Mercury Books adds double-entry accounting on top of the account. It categorizes and reconciles transactions automatically, produces P&L, balance sheet and cash flow reports on a cash or accrual basis, and gives advisors role-based seats. Mercury Payroll is a newer add-on. The core plan is free. Plus costs $29.90 a month and adds recurring invoices, ACH debit invoicing and unlimited 1099 filings. Pro costs $299 a month and adds a relationship manager and NetSuite categorizations. Books ($35 a month) and Payroll ($100 a month plus $50 per person) are free through 2026. Mercury integrates with QuickBooks, Xero, NetSuite, Stripe, PayPal and Plaid. It fits venture-backed startups and SaaS companies best, especially those incorporated in the US. Its main limits are that it works only in USD, cannot take cash deposits and has no branches. Users also complain that support is hard to reach and that account freezes are investigated slowly.