Top 7 Mercury Alternatives in 2024

In recent months, businesses using Mercury Bank have faced significant changes. Mercury, a digital bank known for its ease of use and variety of financial tools, has announced that it will close accounts for startups in thirteen African countries by August 22, 2024. 

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This decision follows internal compliance updates and affects users in 37 countries, creating an urgent need for businesses to find new banking solutions.

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The closure of accounts in countries like Nigeria, Zimbabwe, and others is due to compliance and regulatory scrutiny, particularly concerning money laundering and terrorism financing. Many startups, especially those incorporated in Delaware but based in Africa, have relied on Mercury to manage international transactions and keep capital in the US.

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As Mercury tightens its policies, businesses are left scrambling to find alternatives. This situation highlights the growing need for reliable and compliant banking partners, especially for startups navigating complex regulatory landscapes. 

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This article explores seven strong alternatives to Mercury Bank in 2024, offering insights into each option's features and benefits to help you make an informed choice.

1. Ramp

Ramp is a comprehensive financial platform designed to streamline your operations and optimize your spending. With AI-driven tools and robust corporate cards, Ramp helps you manage expenses, vendor payments, and more, while uncovering opportunities for savings.

AI-powered expense management

Ramp simplifies your expense management by auto-generating receipts and categorizing expenses. This feature saves you significant time by automatically collecting and matching receipts, ensuring accurate and compliant expense submissions. It also flags non-compliant expenses, alerting you to out-of-policy spending and maintaining financial discipline.

Vendor management and price intelligence

Using crowd-sourced data from millions of transactions, Ramp provides insights into software costs, helping you negotiate better deals. You can instantly compare costs and view cost-per-user details, ensuring that you do not overpay for your software needs.

Enhanced accounting and bookkeeping

Ramp's smart accounting tools streamline your bookkeeping by auto-coding transactions based on receipts. This reduces manual entry errors and speeds up the monthly close process. The platform also flags unusual transactions for review, ensuring that only necessary items require attention, making your review process more efficient.

Copilot: Your smart financial assistant

Ramp’s Copilot feature leverages AI to provide you with detailed transaction data, answer financial questions, and suggest ways to reduce costs. It can automate complex tasks like setting up workflows and generating reports, freeing up your time for more strategic activities.

Corporate cards with built-in controls

Ramp’s corporate cards come with preset controls to prevent out-of-policy spending. You can create custom virtual cards with specific permissions tailored to various needs, such as ad spending or remote work stipends. This control extends to preventing spending in restricted categories, with questionable vendors being flagged automatically.

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For a detailed comparison of Ramp against Mercury, refer to Ramp vs Mercury.

Seamless expense submission and automation

You can easily submit expenses through SMS, a mobile app, or integrations with platforms like Gmail, Lyft, and Amazon. Ramp automates the submission process, generating receipts and saving recurring memos, making it easier for you and your managers to handle expenses.

Rewards and financial security

Ramp offers cashback on spending, allowing you to reinvest savings into growth. The corporate cards do not require personal credit checks, ensuring your personal credit scores remain unaffected. 

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They provide high security with features like 3DS enrollment and SSO logins and are compatible with Apple Pay and Google Pay. Ramp’s cards are widely accepted, functioning in over 200 countries and supporting transactions in 40 currencies.

Global reach and ease of use

Ramp’s platform supports local issuing and debiting in 33 countries, making it ideal if your business has international operations. Its ease of use and powerful financial tools make Ramp a perfect solution for streamlining financial processes and enhancing operational efficiency.

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Discover the Benefits of Ramp for Your Business Sign Up Today!

2. Brex

Brex provides financial services aimed at startups and growing businesses. The platform combines business banking, corporate cards, bill payment, and expense management features. You can use these integrated services to manage various aspects of your company's finances.

Integrated financial services

Brex offers a combination of business banking and treasury services. The platform provides an option to earn 4.92% yield on operational cash. It includes FDIC insurance coverage of up to $6 million. These features are designed to help you manage your funds while potentially earning returns and having insurance protection.

Global payment capabilities

Brex offers services for international transactions. You can use it to send ACH, checks, and wires in 41 currencies. This feature may be useful if your business operates internationally or works with global vendors.

Enhanced spending power and security

Brex provides corporate cards designed for startups. These cards offer spending limits that may be higher than traditional options and do not require a personal guarantee. The service includes security features such as customizable approval processes and real-time fraud monitoring. These features aim to help protect your funds while using the cards.

Expense and bill management

Brex includes expense management tools as part of its platform. These tools are designed to automate expense tracking and reporting. You can establish spend limits and approval processes. The platform also offers a bill pay feature. This allows you to manage payments, with options for automating invoice entry and scheduling. These features are intended to assist with cost control and financial oversight.

Accessibility and support

Setting up a Brex account is quick and easy. The platform provides customer support and resources for users. You can use these features to help manage your business finances.

3. Novo

Novo offers an online banking solution tailored for small businesses. The service aims to simplify financial management. You can use Novo to handle your business banking needs. The platform does not charge hidden fees and is designed to have straightforward requirements.

Easy account setup

Novo provides a checking account that you can set up in just a few minutes. There are no monthly fees or minimum balance requirements, making it an accessible choice for businesses of all sizes.

Quick payments

Novo offers a feature called Novo Boost, this feature is designed to accelerate Stripe payment processing. According to Novo, it can speed up processing by up to 95%.

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The platform also offers Express ACH payments, which they report can be up to 75% faster than standard ACH transfers. You can use these features to manage the timing of your incoming and outgoing funds.

Connected tools and benefits

You can connect Novo with business tools like Stripe and PayPal. The platform lets you create and send as many customized invoices as you need without extra charges.

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Novo also offers access to partner perks, which could potentially save you up to $10,000 on various business tools. You can use these features to manage your financial processes and potentially reduce some business expenses.

Safe banking

Your deposits are protected by FDIC insurance up to $250,000 through their partner bank, Middlesex Federal Savings. Your data is safeguarded with bank-grade encryption.

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You can control your Novo debit card instantly through the platform. This allows you to keep an eye on your purchases and freeze or unfreeze your card as needed.

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Novo debit card comes with Mastercard's Zero Liability and ID Theft Protection programs. These features can provide you with extra security for your transactions.

Money management

Novo's Reserves feature enables automatic allocation of funds for specific purposes such as taxes or future purchases. This automated system might help you budget and prepare financially, potentially saving you time on manually tracking different financial obligations.

4. Relay

Relay offers an online banking and money management platform for business financial management. The platform includes features for cash flow management. These tools are designed to help streamline and organize financial operations for business owners.

Free accounts and flexibility

Relay's banking platform operates without common fees like account fees, overdraft fees, or minimum balance requirements. You can access up to 20 individual checking accounts and two savings accounts. The savings accounts offer interest rates between 1.00% and 3.00% APY. This account structure helps businesses organize and allocate funds effectively.

Payment options

Relay supports various payment methods including ACH transfers, wires, and checks. The platform allows for income consolidation from multiple sources, including payment processors such as PayPal, Stripe, and Square. This integration could help you manage your cash flow more easily by giving you a comprehensive view of your financial status.

Expense control and savings

Relay's platform offers expense management features, including the ability to issue up to 50 virtual or physical Visa debit cards. These cards can have customizable spending limits and can be assigned to team members. This system might help you track expenses more easily and improve transaction accountability.

You can also use savings account features on the platform. These let you set aside money for different purposes like taxes, investments, or emergencies. If you want, you can set up automated transfers to regularly contribute to these savings goals.

Bookkeeping and integration

Relay offers integration with QuickBooks Online and Xero, which can assist with your bookkeeping processes. The platform works to standardize vendor data, capture receipts, and sync financial transactions. This can help you maintain your financial records and may simplify aspects of tax preparation and compliance.

Security measures

Relay includes security features such as FDIC insurance up to $3 million through Thread Bank and Visa Zero Liability Protection. The platform uses two-factor authentication and biometric security measures. These features are designed to help protect your business funds and information.

Team access and permissions

Relay offers role-based user permissions. This feature allows you to give access to financial management tasks to accountants, bookkeepers, or other team members.

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For businesses with complex financial needs, this can enable collaborative financial management while maintaining control over access levels.

Receipt tracking

Relay includes a receipt management system that works with its banking platform. You can establish receipt collection policies, which can help document transactions for potential audits or reviews. This feature aims to reduce manual receipt tracking and can assist in preparing financial records for examination.

5. Bluevine

Bluevine offers a robust business banking platform designed to support your small business's growth and financial health. The platform includes options for low fees, access to working capital, and financial tools. These features are designed to help you manage your business finances.

Checking and savings options

Bluevine's business checking account offers 2.0% APY on balances up to $250,000. The account has no monthly fees and allows unlimited transactions and free standard ACH transfers.

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It includes FDIC insurance up to $3 million. These features may help you manage your business funds and potentially earn interest on your deposits.

Funding and credit availability

Bluevine provides a business line of credit with limits up to $250,000. The application process does not affect your personal credit score. 

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There are no opening, prepayment, or maintenance fees, you pay for the credit you use. Bluevine also offers business term loans up to $500,000. These financial products may provide options for accessing funds for your business needs.

Credit card features

Bluevine offers a Business Cash Back Mastercard. This card provides 1.5% cash back on business purchases without a limit and has no annual fee. You can use it to potentially build credit and earn rewards on expenses. The card includes security features and access to Mastercard benefits, such as ID Theft Protection and travel-related services.

Financial management tools

Bluevine integrates with financial tools like QuickBooks Online. This integration allows you to manage accounts payable and receivable from one platform. You can set up automated bill payments, categorize expenses, and organize financial workflows. The platform supports multiple sub-accounts, which you can use to separate funds for different purposes such as taxes, payroll, or investments.

Safety measures

Bluevine includes security features such as two-factor authentication, data encryption, and text alerts for potentially suspicious activity. You can set up separate logins for team members and accountants to manage accounts. These features are designed to help protect your financial information.

Online banking services

Bluevine offers online financial management tools. You can use mobile check deposits and automated account management features. The platform includes a dashboard that shows your checking and credit card transactions. These online features may reduce the need for branch visits.

Customer assistance

Bluevine provides customer support through phone and online messaging. The company offers tools and resources aimed at small businesses. These services are designed to assist you with your business needs.

6. NorthOne

NorthOne provides a business banking platform that combines sales, payments, and budgeting features in what they call a 'Connected Bank Account.' This approach aims to integrate various financial management aspects. You can use this to oversee different parts of your business finances from one account.

Account overview

"NorthOne's business banking platform includes features for various financial transactions. You can use it for sending and receiving money through ACH, Same-Day ACH, wires, bill pay, and checks. The platform offers FDIC insurance up to $250,000 through The Bancorp Bank, N.A. This insurance is designed to protect your deposits.

Bill payment system

NorthOne includes a Bill Payments Hub. You can upload invoices, schedule payments, and manage bills in one location. The feature aims to automate bill payments, which may help with meeting deadlines. By centralizing these processes, the system is designed to save time and potentially reduce manual errors in your financial management.

Income tracking

NorthOne offers a Revenue Dashboard feature. This tool shows incoming funds from platforms such as Stripe, PayPal, Square, Shopify, Amazon, and eBay. You can use it to track gross revenue, funds in transit, transaction volumes, and return volumes. The dashboard is designed to provide an overview of various aspects of your financial activity.

Accounting connections

NorthOne offers integration with accounting software including QuickBooks, Wave, Patriot Accounting, and Zoho. This feature syncs financial data in real-time. You can access unlimited historical transactions through the platform. These features are designed to assist with bookkeeping tasks and help you track your financial information.

Collaborative banking

NorthOne allows multiple users to access the account. Each co-owner can have their own login and a NorthOne Mastercard Small Business Debit Card.

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The system tracks transactions to individual users. Security features include two-factor authentication and data encryption. These features are designed to help manage access and protect your account information.

Fund organization

NorthOne includes an 'Envelopes' feature. This tool allows you to organize your funds into custom categories, which function like digital folders. You can use this for budgeting purposes, such as setting aside money for taxes, payroll, or investments.

Payment options

NorthOne's Bill Payments Hub supports multiple payment methods. These include ACH, same-day ACH, digital bills, wires, and physical checks. You can manage different types of payments from this platform. This feature is designed to assist with payment processing and cash flow management.

Transaction visibility

NorthOne offers features for tracking financial transactions, including real-time updates. You can search and filter transactions on the platform. It integrates with accounting software, which may help with financial reporting and compliance tasks. These features are designed to provide visibility into your financial activities.

Platform access

NorthOne provides both mobile and web access to their platform. You can manage your finances through these channels. The company offers customer support to help with questions or issues you may encounter while using their services.

7. Wise

Wise, formerly known as TransferWise, offers a platform for managing your money across borders. The service focuses on international payments and transfers. It aims to offer speed and security while keeping fees low.

Global money transfers

Wise offers money transfers in more than 40 currencies. The platform reports that over half of its transfers are completed in less than 20 seconds. You can use this service for sending money internationally. Wise uses a pricing model that shows all fees upfront. This applies to scheduling payments and making deposits.

Currency accounts

With multi-currency accounts, you can hold, manage, and convert funds in different currencies. The service allows you to set up local account details in up to eight currencies. This feature may be helpful if you work with international clients or suppliers, as it can allow customers to pay using local payment methods.

Interest rates

Wise offers an interest feature for USD balances. If you choose to use this feature, you can earn a 4.95% Annual Percentage Yield (APY). Wise's partner banks provide FDIC insurance up to $250,000 on these balances. You can use this feature as part of managing your funds.

Safety measures

The platform uses HTTPS encryption and two-step verification to protect your accounts.

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All funds are held with established financial institutions like JPMorgan Chase Bank, ensuring that your money is safe. Wise is federally regulated and registered with the Financial Crimes Enforcement Network (FinCEN). These measures are designed to help protect your money and transactions.

Business tools

Wise offers services that can be used by various types of businesses, including freelancers and small to medium-sized enterprises (SMEs).

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You can use the platform for international payroll and vendor payments. Wise integrates with accounting software such as Xero, QuickBooks, and FreeAgent. These features are designed to assist with financial management and may help streamline administrative tasks.

Pricing structure

Wise does not charge hidden fees or monthly subscriptions. The platform is designed for managing international finances. You can use it to conduct transactions globally. These features aim to provide a straightforward approach to international financial management.

Support services

Wise provides customer support services. This includes dedicated fraud and security teams. You can contact these teams if you need assistance. The platform also uses various security measures. These support and security features are designed to contribute to the user experience.

Advantages of Ramp over other financial solutions

When comparing Ramp with other financial solutions, several features stand out, making Ramp an excellent alternative for your business:

Spending controls and automation

Ramp excels in offering advanced spending controls and automation tools. Unlike other platforms that primarily focus on corporate cards and banking services, Ramp provides comprehensive tools to automate your expense management, including real-time expense reporting, receipt matching, and spend analysis. This helps you streamline financial processes and gain better visibility into your spending.

Cost savings

Ramp offers a unique cash-back program that rewards you for your spending. With up to 1.5% cash back on every transaction, Ramp helps you reduce expenses, a particularly beneficial feature if you're running a startup or small business and looking to maximize your budget.

No fees

Ramp is known for its no-fee policy, which includes no annual fees, foreign transaction fees, or hidden charges. This transparency benefits you by providing a straightforward financial solution without unexpected costs.

Integrated vendor management

Ramp's platform includes tools for managing vendor relationships, including contract management and negotiation insights. This feature is essential if your business works with multiple suppliers and seeks to optimize vendor interactions.

User-friendly experience

Ramp provides an intuitive platform that is easy for you to set up and use. The seamless onboarding process and user-friendly interface make it accessible even if you have limited financial management experience.

Why Ramp is the best alternative for businesses

Ramp is an ideal choice for your business due to its comprehensive approach to expense management and financial automation. The platform focuses on delivering value through cost-saving features, advanced controls, and a no-fee policy, making it a smart option for businesses of all sizes.

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Moreover, Ramp provides tools for managing vendor relationships and offers an intuitive, user-friendly experience. This combination ensures that you can manage your business finances more efficiently, allowing you to focus on growth and innovation. With Ramp, you can streamline your financial processes, save on costs, and dedicate more resources to developing and expanding your business.

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Ready to Transform Your Business Finances? Get Started with Ramp Today→

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