Mercury Bank Alternatives: Compare Features, Benefits, and Options

What are the best Mercury alternatives, and how do you choose the right business banking platform?

Your business bank account sits at the center of your financial operations. It holds your funds, helps facilitate cash flow, and serves as the platform where you record and manage your financial health. With so many digital banking solutions available today, deciding where to place your company’s money can feel overwhelming.

One widely recognized option is Mercury. Since 2017, Mercury has positioned itself as a leading digital B2B neobank, gaining strong visibility in the fintech space. But in recent years, new offers and issues have prompted both new founders and long-time customers to look for alternatives.

Taken together, these issues highlight some of Mercury’s most significant limitations. Mercury maintains a long list of countries where services are either restricted or completely unavailable. Multiple news outlets reported in 2024 that Mercury abruptly closed accounts across Africa with minimal warning, leaving many customers without access to funds. Additionally, Mercury can lag behind some competitors due to lack of support for stablecoin or crypto payments.

These points offer useful context for evaluating alternative business banking options. Like Mercury, Slash offers a sleek banking platform, automated payments, and integrated expense management.¹ But Slash goes further, giving broader global support and access to financial tools that Mercury doesn’t provide. The Slash Global USD account allows non-U.S. entities to send and receive payments using USD-pegged stablecoins—even without a U.S.-based LLC.⁴ Instead of paying foreign conversion fees, stablecoins enable fast, low-cost cross-border transfers at no FX cost. Slash also offers enhanced domestic transfer options through real-time payment networks such as RTP and FedNow.

Continue reading to learn why Slash stands out as one of the strongest Mercury alternatives available today.

Why consider a Mercury bank alternative?

There are far more digital banking options available today than when Mercury entered the market in 2017, and many newer platforms now offer capabilities that Mercury lacks. While Mercury provides strong tools for established U.S.-based companies, its limitations have become more visible, especially after its sudden closure of thousands of foreign customer accounts in 2024. For non-U.S. entities, early-stage businesses, or teams that rely on international support, these restrictions can pose real operational risks.

Here are some additional reasons your business may want to explore alternative business banking platforms:

Country restrictions and global payment constraints

Mercury maintains an extensive list of restricted countries where business banking services are limited or entirely unavailable. Founders in many countries—including many across Africa, as well as Pakistan, the Philippines, and Ukraine—are prohibited from opening a Mercury account. Mercury applies a relatively high 3% foreign transaction fee compared to Slash, which charges just 1%. While both Mercury and Slash support international transfers through the SWIFT network, Slash uniquely offers built-in on- and off-ramps for USD-pegged stablecoins, enabling fast, low-cost global payments without traditional FX fees or bank delays.

Inability to hold or transact cryptocurrency

Mercury does not support crypto or stablecoins and instead limits users to holding and sending traditional fiat currencies. This can be restrictive for businesses that could benefit from blockchain-based payments, which are often highly secure, near-instant, and free from traditional foreign transaction fees. Slash allows companies to hold and pay with USD-pegged stablecoins including USDC, USDT, and USDSL. This flexibility extends to international businesses as well, with Slash’s Global USD account enabling USD payments without a U.S.-registered LLC.

Lack of vertical-specific tools

Mercury promotes itself as an all-in-one banking and expense platform, but the experience is largely uniform regardless of the type of business using it. In contrast, Slash offers banking tools that can be tailored to the needs of different industries, whether that means adjusting card controls for contractor teams or enabling more flexible payment options for businesses operating across borders.

Who are the best competitors to Mercury?

There are several strong business banking alternatives with capabilities that match or exceed what Mercury offers. Below are some of our top picks for business banking in 2025, along with breakdowns of the benefits and potential drawbacks of each platform:

Best overall: Slash

Slash is a business banking solution designed to give companies greater financial control, flexibility, and visibility. Its customizable workflows can adapt to the needs of different industries, whether you’re operating in healthcare, e-commerce, marketing, or another specialized sector. With real-time insights and detailed analytics, Slash helps teams make data-driven financial decisions that support long-term growth. And with expanded FDIC coverage through a multi-bank sweep network, it also offers enhanced protection for businesses managing larger balances. Additional features include:

• Slash Visa Platinum Card: Earn up to 2% cash back with a corporate charge card that offers real-time spend visibility, customizable controls, unlimited virtual cards, and flexible grouping by team, vendor, or expense category.
• Flexible transfers: Free domestic ACH and wire transfers, global stablecoin payments, support for RTP and FedNow real-time payment rails, and international wires to 160+ countries via SWIFT.
• Integrated accounting: Exporting your financial data to QuickBooks and Xero can streamline invoicing, reconciliation, and tax reporting.
• Stablecoins and Global USD: On- and off-ramps for USDC, USDT, and USDSL for fast, low-cost blockchain payments with no FX fees. Non-U.S. entities can access USD-pegged payments through the Slash Global USD account.

Best for spend optimization: Brex

Brex is a business banking platform that can be a good option for companies that want automated expense management workflows and customizable spend controls. Brex offers corporate credit cards, integrated accounting, ERP connectivity, and more. While Brex does offer banking functionality, its core strengths remain centered on corporate cards and spend optimization rather than full back-end financial operations. It’s also worth noting that eligibility requirements can be more restrictive, with many features geared toward venture-backed or larger businesses. Additional features include:

• Multi-currency accounts: Localized currency accounts, cross-border card issuance, and VAT tracking.
• Integrated accounting: Ability to export financial data to QuickBooks, Xero, NetSuite, and more.
• Automation tools: Streamlined expense categorization, receipt capture, and real-time spend visibility across teams.

Best for versatile integrations: Rho

Rho is designed for growing small businesses and startups that need more advanced financial infrastructure than a basic online bank platform can offer. Its platform emphasizes broad integrations, connecting not only to accounting and ERP systems but also HR tools and travel management software. While Rho provides helpful features for global operations, it does not support cryptocurrency, and many of its more robust capabilities tend to benefit larger teams. Very small or solo-founder businesses may find the platform heavier than necessary, and some tools only become practical once a company scales. Additional features include:

• Banking services: Unified platform offering business checking accounts, savings accounts corporate cards, AP automation, and treasury tools.
• Global operations: Access to multi-currency payments and the SWIFT network for international transfers.
• Advanced workflows: Built-in approval chains and role-based permissions for growing finance teams.

Best for freelancers and small-team ventures: Novo

Novo is a mobile-first business banking platform that may cater to freelancers, solo entrepreneurs, and small businesses that want simple, digital business banking. Novo includes built-in invoicing, budgeting features, and integrations with accounting platforms and payment processors. However, the platform lacks support for advanced features such as global transfers, real-time payments, or multi-user spend controls. Additional features include:

• Invoicing tools: Built-in invoicing to help manage client payments without third-party software. Includes customizable invoice details, automated reminders, and payment tracking.
• Software integrations: Connectivity with Stripe, Shopify, PayPal, QuickBooks, and other SMB tools.
• Simplified savings: Novo’s Reserves feature lets you set savings goals and automatically allocate funds into dedicated savings buckets.

Best for simple access to subaccounts: Relay Financial

Relay Financial is an option for small businesses that want organized cash-flow management through multiple subaccounts. Relay provides a clean interface for managing business checking accounts, debit cards, bill payments, and basic cash-flow tools. Growing companies may find themselves needing more advanced automation or large-scale financial workflows. Relay’s global support is more limited than some competitors, which makes it less suitable for businesses with international teams or cross-border operations. Additional features include:

• Multi-account structure: Up to 20 checking accounts for budgeting, tax planning, or expense buckets.
• Card management: Multiple cards for team members with configurable spending limits. Up to 1.5% cashback on credit card spending.
• Integrations: Connects with tools for accounting and AP management, including QuickBooks, Xero, Plaid, and more.

Best for digital checking accounts: Bluevine

Bluevine is a practical option for small businesses that want a straightforward online checking account with the ability to earn interest on deposits. Its high-yield checking accounts are the biggest draw, while their digital interface can help teams that need simple account management. However, Bluevine’s platform is more limited than full-service fintech solutions. Bluevine doesn’t offer the deeper automation, multi-entity support, or international capabilities that growing businesses may need. Additional features include:

• High-yield checking: Competitive APY on balances, but tied to certain activity requirements.
• Line of credit: Access to working-capital financing for eligible businesses, though approval can be restrictive.
• Simple bill pay: Basic AP functionality for small teams managing vendor payments.

Choosing a business banking alternative to Mercury: key criteria

Choosing the right alternative banking solution for your business depends on a variety of factors: your transaction volumes, team size, software requirements, and more. Still, there are a few qualities to look for in a business banking platform to ensure your company has the tools it needs to grow. Here are the features to look for when evaluating different bank offers:

• Full range of banking services: A more complete product stack reduces the need for multiple vendors and keeps your financial operations centralized. Some platforms can do it all: business checking accounts, savings accounts, high-yield treasury accounts, corporate cards, account software, payment processing, automated expense management tools, and more.
• Integrations: The more integrations your banking platform supports, the more efficiently your business can run. Look for native functionality with widely used tools like QuickBooks, Xero, or Plaid to streamline accounting, reconciliation, invoicing, and account management. Platforms with configurable APIs unlock even more flexibility, allowing you to build custom workflows tailored to your business’s specific needs.
• Customer support reliability: When issues arise—whether it’s a delayed wire, a card decline, or an account freeze—you need a banking partner that can help. Prioritize platforms with reviews that indicate dependable support channels, clear escalation paths, and consistent response times. Slash offers 24/7 support from our team via our website.
• Security and regulatory compliance: Legitimate banking platforms should follow strict security standards, including requirements for KYC, AML, and PCI DSS (if applicable). Features like real-time spend insights, AI-powered monitoring, data encryption and tokenization, or multi-factor authentication can enhance security and keep sensitive financial information safe.
• Scalability and flexibility: Your banking platform should be able to support your business as it grows, not limit it. Look for solutions that can handle higher transaction volumes, support international payments in multiple currencies, and let you add new team members with role-based permissions. Scalable platforms like Slash also offer configurable spend controls, automated approval workflows, and multi-entity support for multiple subsidiaries and payment processors.
• Transparent pricing and fees: Hidden fees and unpredictable charges can erode your margins. Seek providers with transparent pricing models, clearly defined transaction fees, and straightforward subscription structures.

Start optimizing your business banking with Slash

Banking with Mercury can come with trade-offs: limited global support, no access to blockchain-based payments, and high interest rates on credit products.

Slash delivers everything you’d expect from a top-tier business banking platform without the same limitations. Here are some of the features that Mercury can’t match:

• Hold crypto and make payments using on- and off-ramps for USD-pegged stablecoins like USDC, USDT, and USDSL.
• Non-U.S. entities can make USD-based payments through stablecoins using the Slash Global USD account—no U.S. LLC required.
• Send and receive money near-instantly through real-time payment networks like RTP and FedNow.

Finally, Slash adapts to the way different industries actually operate. Whether you’re running a construction company, an e-commerce brand, or a healthcare organization, Slash’s customizable workflows can be tailored to your needs. Mercury may be all-in-one, but Slash is one-for-all.

Frequently asked questions

Can I switch from Mercury to another bank without closing my existing accounts immediately?

Yes. Most banking providers allow you to open a new account without closing your existing one, and it’s often preferable to keep both accounts active temporarily to ensure a smooth transition. Start by opening your new account, then migrate key transactions, and update integrations and automations. Only close your Mercury account once all payments and balances have fully transferred.

Do any Mercury alternatives offer cryptocurrency-friendly banking services?

Mercury does not support crypto-related banking services. While crypto and stablecoin functionality is still not widespread among most neobanks, Slash offers built-in stablecoin on- and off-ramps for USDC, USDT, and USDSL. This allows you to send and receive USD-pegged stablecoin payments directly within the Slash dashboard—a capability most competitors do not yet offer.

Are there options for virtual cards with cashback rewards similar to Mercury?

Yes. Several neobanks and fintech platforms offer virtual cards with cashback programs. However, few match the reward structure of the Slash Visa Platinum Card, which earns up to 2% cashback on purchases. Slash’s platform also includes customizable spend controls, card groupings, and unlimited virtual card issuance.