Mercury vs Soldo
Side-by-side comparison — pricing, features, ratings, use cases. Find which Business Banking fits you best.
🔍 Independently researched ·
📊 Data-driven
53/100
Free tier
US-based technology startups and venture-backed companies that want a free, API-friendly banking solution with strong FD
💰 Pricing
🆓 Free tier available
Full banking services are free; Premium tier is invitation-only and not based on payment
Fee notes:
- Monthly account fee: $0
- Transaction fees: $0 for ACH, wire transfers, and debit card purchases
- Cash deposit fees: $0 at partner ATMs (Allpoint network), but third-party ATM fees may apply
- Outgoing wire fee: $0 for domestic and international (but recipient bank may charge)
- Incoming wire fee: $0
⚠ Watch for:
- Cash deposits at non-partner ATMs or bank tellers may incur fees (e.g., third-party ATM fees, teller fees)
- Foreign transaction fees: 0.5% markup on all foreign currency transactions (including card purchases and ATM withdrawals)
- International wire transfer may incur intermediary bank fees that are not always disclosed upfront
- Expedited card delivery fee ($10) not widely advertised
🔧 Features
✓ Startup Focus✓ Fdic Insured✓ Api Access✓ Investor Network✓ No Minimum✓ Us Focus✓ Free Tier
📋 Assessment
💪 Strengths
- No monthly fees, no minimum balance, and no transaction limits on standard operations. This is a major advantage for startups with unpredictable cash flow. You can deposit and withdraw as often as needed without worrying about per-transaction charges, which is common with traditional banks. The cost structure is simple and predictable, making it easier to budget.
- FDIC insurance up to $5 million through partner banks. This is significantly higher than the standard $250,000 limit. Mercury achieves this by sweeping funds across multiple partner banks, which is a huge selling point for startups with large cash reserves. It provides peace of mind and is a competitive edge over most traditional business bank accounts.
- Full API access with sandbox and production keys. This is a game-changer for startups that want to automate their financial operations. You can build custom integrations to trigger payments, reconcile transactions, and pull real-time account data. The sandbox environment allows thorough testing before going live. This level of control is rare among business banks and is a primary reason why engineering-led startups choose Mercury.
- Virtual debit cards that can be created and controlled programmatically. This allows finance teams to generate unique card details for each employee or vendor, set spending limits, and cancel cards instantly. It's an excellent tool for managing expenses and preventing fraud. The cards are issued on the Mastercard network, which is widely accepted, especially for online purchases.
- Built-in investor management tools, including a dedicated dashboard for tracking investor funds and expenses. This feature simplifies cap table management and fund reporting. For startups that have raised capital, this streamlines the process of showing investors how their money is being used, which is a thoughtful addition that many competitors lack.
⚠ Watch out for
- No physical branches and no cash deposits. This is a major drawback for businesses that handle cash, such as retail stores, restaurants, or service providers. There is no way to deposit physical currency, and all cash transactions must be handled through other banking relationships. This makes Mercury unsuitable for cash-heavy business models, and it's a dealbreaker for some companies.
- Not ideal for non-US companies without a US entity. Mercury requires an EIN (Employer Identification Number) and a US business registration. Foreign founders must incorporate in the US (e.g., a Delaware C-Corp) to qualify. This excludes many international startups that would otherwise benefit from the platform, and the setup process can be cumbersome if you don't have a US base.
- Customer support can be slow, with no 24/7 phone line. While the knowledge base is comprehensive, complex issues often require email communication and can take days to resolve. For urgent matters like fraud alerts or card freezes, this lack of immediate support can be frustrating. Mercury does offer chat support, but it's not always instant, and phone support is only available by appointment.
- Wire transfers and international wires may incur fees, and foreign currency conversion rates may be less competitive than specialized foreign exchange services. While domestic transfers are free, startups with international suppliers or customers might find the FX rates and wire fees add up over time. This is a practical consideration for global operations.
🎯 Best for
US-based technology startups and venture-backed companies that want a free, API-friendly banking solution with strong FDIC protection and modern tools.
🚫 Who should skip
Small businesses with heavy cash handling, physical retail locations, or companies without a US incorporation — those should consider a traditional bank or a cash-deposit-friendly online bank.
📚 Learning curve
Moderate — everyday banking is minimal to learn, but the API and more advanced treasury features require technical comfort and an understanding of startup finance operations.
🧑⚖️ Verdict
Mercury is an excellent choice for US-based startups that operate digitally and need robust API access, high FDIC coverage, and no monthly fees. It's not suitable for cash-heavy businesses or companies without a US entity. If you're a tech-forward founder, Mercury is a top-tier banking solution. If
69/100
Free tier
Small and mid-sized UK/European companies that want to control employee spending with prepaid cards and automate expense
★ Best
💰 Pricing
🆓 Free tier available
Free plan (Starter) allows up to 3 users and 3 cards; includes 1% transaction fee on card payments, 0.2% for SEPA direct debit; 1.5% FX on non-EUR currencies; no monthly fee.
Starting at 5 € (hybrid)
Fee notes:
- Transaction fee: 1% per card payment on Starter, 0.5% on Business (reduces with higher plans).
- FX markup: 1.5% for non-EUR transactions on Starter, 0.5% on Business.
- SEPA direct debit fees: 0.2% on Starter, 0.1% on Business.
- Cash deposit fee: 1% of deposited amount.
- Card replacement fee: €5 per card.
⚠ Watch for:
- Transaction fees on card payments: can add up on high-volume spend.
- FX markup on non-EUR transactions: 1.5% on Starter, 0.5% on Business.
- Cash deposit fee of 1% may be charged for ATM or bank deposits.
- Card replacement fee of €5 per card.
🔧 Features
✓ Spend Management✓ Prepaid Cards✓ Spend Controls✓ Receipt Capture✓ Uk Europe✓ Free Tier
📋 Assessment
💪 Strengths
- Real-time card-level controls are the crown jewel. Admins can instantly set spending limits, restrict merchant categories (e.g., block all gambling or alcohol), whitelist specific vendors, disable ATM withdrawals, and even freeze a card with a single tap. This granularity is invaluable for enforcing policy without constant oversight. For example, you can give a sales rep a card that only works at approved restaurants and hotels, or allow a remote engineer a $500 monthly limit on SaaS tools. The controls take effect immediately, so there's no lag between policy change and enforcement.
- The automatic receipt capture is a time-saver that actually works. Employees snap a photo of a paper receipt, and Soldo's OCR extracts the amount, date, and merchant, then automatically attaches it to the matching transaction. This eliminates the classic 'I lost the receipt' excuse and makes VAT reconciliation a breeze. The matching is generally reliable, and if a receipt doesn't auto-match, manual attachment is straightforward. For finance teams, this transforms the monthly expense close from a multi-day chore into a half-hour sanity check.
- Accounting integrations are deep and practical. Soldo syncs transactions directly to Xero, Sage, QuickBooks, NetSuite, and SAP Concur, including custom categorization and VAT codes. This isn't just a CSV export—it's a two-way sync that pushes fully categorized transactions with attached receipts into your ledger. For example, you can set up rules to auto-code Starbucks purchases as 'Client Meetings' and map them to the right expense account. For companies already using these platforms, this saves hours of manual entry and reduces human error.
- The mobile app for employees is clean and user-friendly. Employees can view their available balance, check transaction history, snap receipts, and even report a card lost/stolen instantly. The push notifications for every transaction keep a running audit trail, and the user experience is far better than the clunky expense apps from traditional banks. This reduces friction and increases adoption—employees don't need to be trained on a complex system, just download and go.
- Soldo offers a multi-currency wallet (EUR, GBP, USD) and competitive FX rates for businesses operating across borders. You can top up the wallet in one currency and spend in another, with interbank rates plus a small margin. This is particularly useful for European companies with remote teams or contractors in different countries. The platform also issues both physical and virtual cards, so you can generate a virtual card instantly for a single online purchase—a huge plus for security.
⚠ Watch out for
- The biggest limitation: Soldo is not a bank account. You cannot receive payments from customers, earn interest on balances, or run payroll directly from the wallet. The money you hold is e-money, not bank deposits (so it's not covered by the Financial Services Compensation Scheme in the UK—though it is safeguarded in an FCA-approved manner). This means companies need a separate business current account for their main banking operations. Soldo is a spending layer, not a banking replacement.
- Pricing is quote-based and can escalate quickly. The $5/mo starting price typically applies per active card, and additional features like advanced integration, invoice capture, or multiple users may incur extra costs. For a company with 100 employees, that's $500/mo just for cards—and if you have many cards that are rarely used, you'll still pay. There's no transparent public pricing, so you have to go through a sales call to get a quote. This lack of transparency can be a turn-off for SMBs that prefer self-serve.
- Prepaid cards can be declined by certain merchants, particularly car rental companies, hotels, and sometimes gas stations. These merchants often place a temporary hold (pre-authorization) that exceeds the purchase amount, and prepaid cards without sufficient backup funds can fail. This can be embarrassing in business settings. While Soldo offers a 'hold' feature to reserve funds, it requires the employee to do it manually, which many may not realize—so friction exists.
- The pooling mechanism can be rigid. Funds are held in a single master wallet, and you allocate budgets to individual cards or groups. If you want to give a department a monthly budget that resets, you need to manually set that up or rely on rules. There's no built-in 'automatic top-up from bank' feature unless you set up a standing order, so someone needs to actively manage the wallet to avoid running out of funds.
- Customer support is decent but not 24/7. Live chat and email support are available during business hours (UK/Europe time), and response times are generally within hours. However, there's no phone support, which can be frustrating for urgent issues. The knowledge base is solid, but the lack of immediate human help is a downside for a platform that handles money.
🎯 Best for
Small and mid-sized UK/European companies that want to control employee spending with prepaid cards and automate expense reconciliation.
🚫 Who should skip
Companies that need a full business bank account, want a credit card with revolving credit, or have significant non-UK/EU operations should skip Soldo.
📚 Learning curve
Minimal — most employees need only the mobile app, and a finance admin can set up card rules and accounting syncs in a few hours; configuring complex approval workflows takes a bit more time.
🧑⚖️ Verdict
Soldo is an excellent choice for European SMBs that need to give employees controlled spending power and have a strong finance automation need. It shines with real-time controls, receipt capture, and deep accounting integrations. However, if you need a full bank account or have simple expense needs
📊 Use Case Suitability
Higher score = better fit. Scores from editorial review.
Use CaseMercurySoldo
Startup Treasury Management98—
Mercury offers free accounts, high FDIC insurance via sweep, and integrated Trea
API-Driven Finance Operations90—
The API allows automated payments, transaction data syncing, and custom finance
Managing Investor Funds95—
Mercury streamlines wire transfers, provides investor-specific features, and off
Multi-Account Cash Control92—
You can create separate merchant accounts for different projects or entities, wi
Employee Expense Management—94
Soldo gives each employee a reloadable prepaid card with real-time limits and au
Department Budget Controls—90
Cards can be grouped by team or cost centre with separate budgets and approval r
Remote Team Payments—85
Virtual cards can be issued instantly to remote employees across the UK/Europe,
Accounting Reconciliation—88
Soldo syncs transactions and receipts to Xero, Sage, QuickBooks, and NetSuite, d
🧭 Which One Should You Pick?
Choose Mercury if...
- You are: US-based technology startups and venture-backed companies that want a free, API-friendly banking solution with strong FD
- 👍 No monthly fees, no minimum balance, and no transaction limits on standard operations, making it cos
- 👍 FDIC coverage up to $5 million through partner banks, which is significantly higher than most tradit
- 👍 Full API access with sandbox and production keys enables deeply customizable financial automation.
- 💰 Free tier available
- ⚠ Trade-off: No physical branches and no cash deposits, so it is unsuitable for cash-heavy bu
Choose Soldo if...
- You are: Small and mid-sized UK/European companies that want to control employee spending with prepaid cards and automate expense
- 👍 Real-time transaction controls at the card level — restrict merchant categories, individual merchant
- 👍 Automatic receipt capture via the companion mobile app: employees photograph receipts, and Soldo mat
- 👍 Deep accounting integrations with Xero, Sage, QuickBooks, NetSuite, and SAP Concur reduce manual dat
- 💰 From $5/mo
- ⚠ Trade-off: Not a bank account — you can't receive customer payments, earn interest, or run
❓ Frequently Asked Questions
Is Mercury really free, or are there hidden fees?
Mercury is free to use with no monthly fees or minimum balance requirements. Some optional services, such as outgoing wire transfers, foreign currency wires, or specialty requests, may incur fees.
What is the difference between Mercury checking and Mercury Treasury?
Mercury Checking is a standard business checking account that is free. Mercury Treasury is an optional cash management feature that invests your idle funds in government bonds or money market funds to earn yield, and it is available for accounts with larger deposits.
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