Mercury

## What are the differences between Mercury, Relay, and Brex for a startup business bank account?

## Overview Mercury, Relay, and Brex are three distinct financial technology platforms that offer business accounts for startups, each with a different operating model, target customer, and feature set as of early 2026. Mercury operates as a fintech platform partnering with FDIC-insured banks, primarily Choice Financial Group and Column N.A., to offer business checking and savings accounts. It specifically targets technology startups and venture-backed companies. A key feature is Mercury Vault, a sweep network that provides up to $5 million in FDIC insurance. Mercury's pricing is notable for having no monthly fees, no minimum balances, and free domestic and international USD wires, though it charges a 1% fee for currency exchange. For scaling companies, it offers Mercury Treasury to invest idle cash in SIPC-protected money market funds and venture debt options. In December 2025, Mercury applied for its own national bank charter, signaling a potential shift in its operating model. Relay also functions as a fintech platform, partnering with Thread Bank to provide its services. Relay is designed for established small to medium-sized businesses (SMBs), particularly in e-commerce and professional services, with revenues typically between $100,000 and $6 million. Its standout feature is a multi-account system that allows businesses to open up to 20 distinct checking accounts to facilitate granular budgeting and cash flow management, such as the 'Profit First' method. Relay provides up to $3 million in FDIC insurance through a sweep program. It offers up to 50 physical and virtual debit cards with merchant-level spending controls and supports cash deposits, a feature Mercury lacks. Relay uses a tiered pricing model with a free 'Starter' plan and paid 'Grow' and 'Scale' plans that unlock more features and lower fees. It is also noted for offering phone support during business hours. Brex offers a more comprehensive financial operating system aimed at venture-backed startups and larger, scaling enterprises. Its business account, provided by Column N.A., is part of a broader suite of services that includes high-limit corporate cards issued without a personal guarantee, automated expense management, and bill pay. Brex provides the highest FDIC insurance coverage of the three, offering up to $6 million for uninvested funds through its own sweep network. Similar to Mercury, Brex offers a treasury product for investing idle cash in SIPC-protected money market funds. ## Key Features When comparing the three, several key differences emerge. In terms of FDIC insurance, Brex leads with up to $6 million, followed by Mercury at $5 million, and Relay at $3 million. Their target customers are distinct: Mercury for tech startups, Relay for operational SMBs, and Brex for well-funded, scaling companies. For card and spend management, Relay offers the most granular control with merchant-level restrictions on debit cards. Brex is known for its high-limit corporate cards that don't require a personal guarantee, a significant benefit for founders. Mercury provides both debit and corporate cards with approval workflows integrated into tools like Slack. ## Technical Specifications Regarding fees, Mercury's model is attractive for its lack of monthly fees and free USD wires. Relay's tiered model provides flexibility, while Brex's fee structure is less transparent and is integrated into its overall platform value for larger companies. ## How It Works ## Use Cases Finally, for international founders, all three platforms support U.S.-incorporated businesses, but Mercury is particularly known for its streamlined remote onboarding process for non-residents. ## Limitations and Requirements Eligibility for Brex is generally stricter than for Mercury or Relay, often requiring a company to be professionally funded or have significant operational scale and cash balances. Its model is less about basic banking and more about providing an integrated platform for spend management, financial controls, and scaling capital needs. ## Comparison to Alternatives ## Summary In conclusion, the choice depends heavily on the startup's stage and needs. An early-stage tech startup might choose Mercury for its low fees, high FDIC coverage, and startup-centric features. An SMB focused on disciplined cash flow management would benefit from Relay's multi-account system and cash deposit support. A venture-backed company needing high-limit corporate cards and an all-in-one expense management platform would find Brex to be the most suitable option.