Mercury banking platform reviews: Pros, cons, alternatives, and more [for 2025]

Mercury is a financial technology company primarily providing business banking services to VC-backed startups.

This post is a helpful resource for founders and VCs evaluating Mercury banking platform services and their competitors based on the Mercury website and third-party reviews like Trust Pilot.

Key highlights:

• Strengths: Mercury offers various business banking services and a user-friendly platform for VC-backed startups.

• Weaknesses: Startups that experience rapid growth may outgrow the platform as it needs capabilities like multi-entity support, fully-integrated AP automation, and other spend management capabilities offered by different platforms. Plus, Mercury is charging for key features like APAutomation.

What is the Mercury banking platform?

While some may refer to Mercury as Mercury Bank, Mercury is a fintech company, not a bank. Founded in the Bay Area in 2017, Mercury provides the technology platform; banking services are provided by its partner banks, Choice Financial Group ($6.1B in total assets) and Column N.A. ($1.4B in total assets), Members FDIC (bank assets per FDIC data, 03/31/2026; partner banks as listed on mercury.com as of 08/02/2026). Its IO credit card is issued by a third partner, Patriot Bank, N.A. ($1.2B). In April 2026, Mercury received conditional OCC approval to establish its own bank charter (Mercury Bank, N.A.); as of 08/02/2026 that charter is not yet operating, and client deposits remain at the partner banks above.

Mercurys platform offers basic banking products and services tailored to venture capital-backed tech startups. The company offers Mercury business checking and savings accounts, corporate credit cards, treasury services, venture debt, and bill payment.

The company also recently launched Mercury Personal, a subscription-based platform that provides personal banking services including checking, savings, and FDIC-insured deposits. There is currently a waitlist and access to the platform is limited.

Mercury for business banking

Mercury can handle business basics, including checking accounts, credit cards, and payments by ACH, wire, or check. The platform also provides advanced tools, including treasury and venture debt services.

Mercury banking platform features

Here is an overview of Mercury's offerings.

1. Business banking services

Choice Financial Group and Column N.A., Members FDIC, provide banking services, including checking and savings deposits (as of 08/02/2026).

There are no account minimums, overdraft fees, monthly fees, or account opening fees to open a Mercury checking or savings account. Customers can deposit checks, use virtual debit cards, and complete other banking transactions.

Note: Funds held in a Mercury checking and savings account are eligible for up to $5M in FDIC insurance through sweep networks an offering Mercury sometimes refers to as Mercury Vault.

2. Corporate credit cards

In addition to debit cards, the Mercury business credit card — the IO Mastercard (issued by Patriot Bank, N.A.) — is a cash-underwritten charge card with no personal guarantee and no credit check. There's no flat “$25K minimum”; here's how it actually works (per Mercury's help center, as of 08/02/2026): your limit is tethered to your cash — your IO balance can't exceed the cash you hold with Mercury, and limits refresh daily (12am UTC), adjusting as your balance moves, including downward after large withdrawals. Below $15K in total Mercury balances, you get an introductory limit (typically up to $5,000) and the card is paid off automatically each business day; at $15K or more, you can qualify for higher limits and switch to 30-day repayment terms. IO earns 1.5% cashback on settled purchases, tallied monthly. The practical implication: an IO limit reflects the cash already in your account rather than standalone credit — if your balance dips, so does your spending power. By contrast, Rho corporate card limits are underwritten, with monthly repayment terms available and no personal guarantee (as of 08/02/2026).

3. Mercury Treasury

This offering invests idle cash in money market mutual funds via Mercury's brokerage partner, Apex Clearing Corp. Mercury Treasury unlocks with a $250K minimum balance across your Mercury accounts (as of 08/02/2026 — lowered from the earlier $500K requirement).

However, keep a few things in mind:

• Yields are tiered by total deposits, ranging from 3.01% to 3.81% net of fees at the top tier ($20M+), per Mercury's published rates as of 07/27/2026. For comparison, Rho Treasury yields up to 4.62% as of 09/07/2026 — with a $50,000 minimum, one-fifth of Mercury's $250,000 (rho.co/product/treasury, verified 08/02/2026).

• Mercury charges an annual management fee of 0.15%–0.60%, based on total deposits held across your Mercury accounts.

• Withdrawals typically take 1–2 business days to post, and can take up to 5.

• The current fund options are the J.P. Morgan U.S. Treasury Plus Money Market Fund (JTCXX) and the Morgan Stanley Ultra-Short Strategy Portfolio (MCRYX) (as of 08/02/2026). Money market funds differ from U.S. Treasuries held directly in your name, and Treasury balances are SIPC-insured, not FDIC-insured.

4. Mercury Venture Debt

Mercury lends to VC-funded companies across stages and industries, and VC firms use venture debt to extend cash runway with minimal dilution. Borrowers can request withdrawals and confirm the remaining capital balance in a few clicks.

Mercury loan agreements allow borrowers to withdraw any time during the interest-only period, which can span up to 18 months. After that, firms have a loan payback period of up to 48 months.

Founders may apply to refinance and refresh the loan after they raise their next equity round.

5. Financial workflows and accounting integrations

Mercury provides some limited integrations with Quick Books and Xero and offers Netsuite-friendly reports or CSV exports of transactions for reconciliation purposes. The company offers also Bill Pay services linked to the Mercury banking platform.

Mercury's software pricing has three self-serve tiers (as of 08/02/2026; monthly-billing prices shown — annual billing is lower):

• Mercury — $0/mo. Banking, cards, free bill pay, and unlimited basic invoicing.

• Mercury Plus — from $29.90/mo (annual billing is lower). Adds recurring invoices, invoice collection by ACH debit ($1 per transaction), an invoicing API (500 invoices/month), and unlimited 1099 filings.

• Mercury Pro — from $299/mo (annual billing is lower). Adds a dedicated relationship manager, $0 ACH debit collection, unlimited invoicing API, and NetSuite categorizations.

• Note: what sits behind the paywall is recurring invoicing and a named human. Rho has no software tiers — AP automation, expense management, accounting automation, and live human support are included on every account at no platform fee (as of 08/02/2026).

Who is Mercury for?

Like Rho, Mercury is a go-to starting banking solution for many VC-backed startups.

Customers with more than $250, 000 in deposits who want a sweep account to increase FDIC insurance coverage may fit Mercury. Mercury is also a consideration for businesses that want access to venture funding.

However, as growth-stage startups scale, they may need additional capabilities like multi-entity support, AP automation, and other important financial operations features. Mercurys AP automation platform has limitations, and the service can be expensive.

Our Mercury banking platform review

Many VC firms reevaluated their FDIC deposit insurance risks after the Silicon Valley Bank (SVB) crisis in March of 2023.

Founders need to understand clearly how much FDIC insurance protection they have, the cost of business banking, and how quickly they can access cash balances.

Saa S startup Superfiliate is disrupting affiliate marketing in e-commerce. Discover why their co-founder transitioned from Silicon Valley Bank (SVB) to Rho.

Mercury pros

• Low fee structure: Mercury does not charge annual fees or account fees. There are no fees for Global ACH, wire transfers, or additional credit cards. The Financial Workflows services may include fees.

• Mercury Vault solution: Mercury Vault provides up to $5 million in FDIC insurance through partner banks and sweep networks. Businesses with large bank balances can spread deposits between multiple banks and get FDIC insurance coverage.

• Smooth user experience: Many Mercury customers are satisfied with integrating payments, spend management, corporate cards, and other features into a single platform.

Mercury cons

• No cash deposits: Mercury does not support cash deposits, unlike many online business checking accounts. Mercury is not an option for companies that process customer payments in cash.

• Withdrawing Mercury Treasury funds: Mercury Treasury withdrawals typically take 1-2 business days to post to your account, but transfers can take up to 5 business days. These delays in processing may create cash flow management issues.

• Money market funds vs. T-Bills: Rho Treasury offers both T-Bills held directly in your name (via Rho Prime Treasury) and Morgan Stanley and Vanguard mutual fund options; Mercury Treasury is fund-only, invested in money market funds.

• Risks of using venture debt: Lenders put terms and conditions in place to ensure prompt loan repayment when due, and loan covenants may restrict how the founders can operate the business while the loan is outstanding. Venture debt is a secured debt, and defaulting on a secured loan will require the founder to give up company assets, which may disrupt or end business operations.

• Point-solution for cash management: Mercurylacks multi-entity support, and additional finance capabilities startups may want to integrate with banking, including fully-integrated AP automation and expense management.

If you use multiple software solutions for banking and finance, your software costs and transaction fees can rise quickly. For example, standalone AP automation, expense tracking, and cash management tools can be expensive and have hidden integration costs with accounting software or bookkeeping platforms like Quick Books.

Managing multiple financial platforms can also place a strenuous burden on your already time-strapped team. A disjointed finance stack increases the risk of errors and makes understanding how your business operates difficult.

Startup founders must balance the need for high-yield earnings on excess cash with investment risks.

Mercury banking platform fees

• Business banking: Mercury charges a 1% fee on currency exchange. The foreign exchange fee covers costs incurred by non-USD international wires. Mercury also charges fees for making mass payments on the companys API and fees to send USD internationally with optional premium processing.

• Mercury Treasury: There are no fees to open an account or to process transactions. Mercury charges a percentage fee based on assets held in Mercury Treasury. The percentage fee you charge is determined by the total deposits held across all Mercury accounts (checking, Treasury, etc.) The minimum charge is a 0.05% annual fee.

• Mercury software plans: As explained earlier, three tiers — $0, from $29.90/mo, and from $299/mo; annual billing is lower (as of 08/02/2026).

• Mercury Personal: Customers pay a $240 annual subscription for Mercurys personal banking services. There is currently a waitlist to access Mercury Personal.

Mercury customer service

Mercury does not offer phone support on any plan (as of 08/02/2026). Support runs through in-app messaging and email, and a dedicated relationship manager is reserved for the Pro plan, from $299/mo (annual billing is lower). For teams that move money on deadlines, support access is worth weighing as heavily as features: it determines who you can reach when a payment, payroll run, or account review is time-sensitive.

"When our first round of funding came in, we couldn't access it for days — and nobody was responsive."

— a founder on their previous bank, July 2026

Mercury account closures: what to know before you commit

Every fintech — Rho included — sometimes closes accounts to meet compliance obligations; that's a fact of regulated banking, not a Mercury-specific failing. What differs between providers is what they commit to when it happens. Mercury publishes its closure policy openly in its help center ("Understanding account closures and access restrictions," as of 08/02/2026), and three details deserve a close read before making Mercury your primary operating account:

• No committed timeline for returning your funds. Mercury states that "funds may be held, returned, or unavailable based on regulatory obligations," and that disbursement details "will typically be included in your closure notice." No maximum holding period is published.

• Decisions are generally final. In Mercury's words: "In most cases, our decision is final."

• No formal appeal path. Mercury notes it "may not be able to provide additional details or reconsider closure decisions."

Mercury also uses temporary account locks during reviews. While locked, "you won't be able to initiate new activity," though scheduled and incoming transactions may still process.

If payroll and vendor payments run through the account, ask any provider you evaluate — Rho included — three questions: How quickly are funds returned after a closure? Is there an appeal path? And can I reach a human by phone while it's being resolved? (Rho's answer to the third: yes — 24/7, on every account.)

Corporate checking account interest rates

Mercury's business checking account doesn't earn interest. Mercury clients with at least $250,000 across their Mercury accounts can apply for Mercury Treasury to earn yield on excess cash (as of 08/02/2026).

Mercury banking platform alternatives and comparisons

1. Rho

Based in New York, Rho is a comprehensive finance automation platform that empowers startups, SMBs, and middle-market companies with tools to boost their bottom line and operate more efficiently."Rho's platform and unique credit underwriting model have transformed our finance operations. It's not just about having an integrated financial system; it's about doing more with less. With Rho, each of our finance team members can achieve the output of 10."—Sarah Green, Senior Accounting Manager at Dr. SquatchIn one platform, businesses can access corporate credit cards with spend controls, automated expense management and accounts payable, business banking, and treasury management all without platform fees.

Features

• Rho Corporate Cards have built-in spend controls, expense management capabilities as needed, and the ability to earn up to 2% cashback for Rho Platinum members₁.

• Rho Expense Management allows users to create custom spending rules, capture real-time receipts, and automate approvals.

• Rho AP automates the end-to-end accounts payable process in just a few clicks and without payment delays that some experience with point solutions thanks to Rhos integrated business banking.

• Rho Prime Treasury is a bespoke treasury management solution that helps customers invest their excess cash in short-dated government securities held directly in their companys name; Rho Treasury also offers Morgan Stanley and Vanguard mutual fund options.

• Rho Business Savings, built on American Deposit Management Co.'s network of 400+ FDIC-insured institutions, offers up to $75M in FDIC insurance per entity (as of 08/02/2026). Checking deposits are held at Webster Bank, a division of Santander Bank, N.A., Member FDIC. Rho Treasury is separate: it invests in securities (SIPC coverage, not FDIC) — including T-Bills held directly in your company's name via Rho Prime Treasury.

Rho integrates with Quick Books Online, Oracle Net Suite, Microsoft Dynamics 365 Business Central, and Sage Intacct. Rho also supports flat-file CSV exporting, so you can automatically tailor transaction categorization to your business needs.

Pros

• Responsive business banking: Rho clients enjoy platform fee-free business banking services like Same Day ACHs and responsive customer support.

• 24/7 human support: Every Rho account — on every tier, at no extra cost — can reach a real human by phone (1-855-7-GETRHO) or in-app chat, 24/7. There is no paywalled support tier. Growth-stage clients additionally get a dedicated Account Manager and Customer Experience Manager.

• More comprehensive finance solution: Rho offers not only expense management, corporate cards, AP automation, and accounting but also business banking and treasury management all in one platform.

• No tiered payment plans: You dont have to subscribe to Rho to access advanced features that you would have to subscribe to on many competitor platforms.

• Dynamic integrations: Rho can easily be integrated with your accounting, HR, and even other expense management platforms like Emburse and Certify.

Cons

• Straight cashback vs. points: Some companies prefer legacy corporate card solutions like American Express, Chase, or Capital One for the point rewards they offer, even if that impacts process speed.

Pricing

The Rho platform is free, though the Rho Prime Treasury capability does have a small annual management fee, which depends on the amount invested but caps out at 0.60%. Learn more about the latest rates at rho.co/treasury.

The Rho Card advantage

With Rho, we're providing even more value to businesses without gating the benefits behind additional fees or tiers:

• Competitive cashback: Customers can earn 2% cashback for Rho Platinum members₁.

• Premium benefits and perks: Businesses on Rho can access over $1 million in total perks. From private, invite-only receptions to premium seats at upcoming sporting events, businesses can unlock access to exclusive events alongside well-connected founders and influential investors across New York and San Francisco. To help with day-to-day operations, theyll also get over $600K+ in rewards for tools like Perplexity Enterprise, Google Cloud, and AWS, among many more.

• Award-winning support: Customers can access live, 24/7 support from real humans, ensuring they get the help they need when they need it. Implementation support is also available to help customers onboard onto the Rho platform and start earning rewards faster.

Best for

Just like middle-market companies, Rho is a great fit for startups. Founders use Rho as a single solution for corporate cards, expense management, payments, banking, and treasury. Startup founders can effectively manage finances with a lean team, saving time and money.

Rho vs. Mercury

*$400 fee, credited back once you deposit $10,000 of new money into your Rho checking account and keep your daily average balance $10,000 above where it started for the 60 days after you incorporate.

†2% Cashback on the Rho Card with Daily Terms for Rho Platinum members, applies to your first $1 million in eligible spend per calendar year (the standard limit — spending more, talk to sales); standard Daily Terms rate 1.5%. Monthly Terms: 1.75% (Platinum) / 1.25% (standard). Requires paying the full statement balance on time. Rho Platinum qualification: payroll run from Rho, business revenue deposited via Rho Checking, 50%+ of company assets at Rho, and an open Rho Corporate Card.

Mercury is a good option for startup businesses that are just starting and want access to business banking services built into a technology platform with a good user experience.

However, many elect for Rho instead because the business banking platform offers fee-free ACHs, Rho Treasury, strong customer support, and advanced capabilities that mean you won't have to change providers as you need more streamlined approvals, a robust expense management solution, and structured workflows become necessary.

This is where Rho shines - providing a comprehensive stack of financial tools that allow unimpeded growth without team members needing platform changes. Once you get the term sheet, we recommend reaching out to Rho to learn how we can help you manage your cash effectively. Visit G2 to learn how Rhos fee-free business banking platform, business credit cards, and more compare with different startup solutions, including:

• Legacy financial institutions: Chase Bank, US Bank, Wells Fargo

• Newer financial technology companies: Mercury, Ramp, Brex, Blue Vine, Novo

2. Ramp

Based in New York, Ramp is a fintech company initially launched in 2019 as a corporate card and expense management platform. It has since expanded its spend management product capabilities to include banking, bill payments, procurement, and accounting integrations.

Ramps mission is to help build healthier businesses and does so through its platform that allows firms to control business spend, save time, and automate busywork.

Features

• Corporate credit cards: Ramp charge cards offer up to 1.5% cashback on qualifying spending and customizable spend controls to help enforce your expense policy.

• Ramp Treasury: Offers 2.5% through the FDICinsured Ramp Business Account and 4.38% through a money market fund via the Ramp Investment Account

• Expense management: Automated workflows that handle expense submissions as an alternative to traditional expense reports and software like SAP Concur. Users can assign specific permissions for expense approvals.

• Accounts payable automation: Automates data entry and manages invoice intake, bill recording, and payment processing.

• Procurement: Workflows that help employees make procurement requests, manage vendor invoices and POs, get approvals, and issue cards to purchase. Ramp also recently acquired a procurement startup, Venue, to boost its capabilities.

• Vendor management: Provides a single place to manage all current vendors backed with renewal reminders, contract details, and custom fields. Your data is protected with vendor authentication controls.

• Ramp Flex: A paid service that offers businesses additional float on vendor bills. For a fee, Ramp will pay your invoices with the intent of helping you with working capital management, and you are then responsible for repaying the amounts.

• Ramp mobile app: Allows employees to upload expense receipts, use virtual cards, and perform other financial management tasks.

• Various automation sparklers: Features like a 1Password API access and integrations with Gmail, Uber, Stripe, Pay Pal, Amazon Business, and Lyft.

Pros

• Receipt matching: Users can easily match receipts sent by text or email.

• Reporting: Ramp provides a useful set of real-time reports.

• Multiple finance features in one platform Can help simplify your tech stack.

• UX: The platform is intuitive and easy to navigate.

Cons

• Ramp Plus feature wall: You must be a paying Ramp Plus or Ramp Enterprise customer to access previously free features like accounting integrations, custom approval workflows, or premium customer support.

• Banking transaction fees: Ramp charges to process Same-Day ACHs and wires using external bank accounts. These charges can quickly add up if you have a high invoice volume.

• Customer support: While Ramp claims to offer call, chat, and phone support on their website, premium support and dedicated account management are Ramp Plus and Ramp Enterprise features.

Pricing

Some of Ramps basic features are free to use. However, many automation features are now paywalled behind Ramp Plus and Ramp Enterprise plans, including ERP integrations, purchase order management, and premium customer support.

As of this articles publishing date, Ramp Plus is $12 per user per month (when billed yearly; $15 per month otherwise).

However, larger enterprise organizations must contact Ramp Sales for a more specific quote if they want important features like multi-entity support.

Best for

Ramp is a viable alternative for businesses with manual expense and payment processes or using outdated tools like Concur or BILL that cause problems, such as expense receipt submission and invoice payment delays.

Ramp vs. Mercury

Ramp offers corporate card, banking, expense management, and spend management product capabilities. Mercury provides business checking and savings accounts, corporate credit cards, treasury services, venture debt, and limited AP automation. The platform does not offer expense management or spend management features.

3. JP Morgan Chase Bank (Chase for Business)

Chase for Business offers bank accounts, loans and financing, business credit cards, and other services.

Features

• Checking: Chase processes deposits, incoming wires, and payroll for business clients.

• Mobile App: Customers can make and receive payments using online banking or through the Chase Mobile app.

• Accept credit and debit cards: Chase Payment Solutions allows customers to accept credit card and debit card payments. Businesses can process payments at the point of sale or online. Chase has integrations with leading e-commerce platforms.

• ATMs, Bank branches: Customers can access more than 15, 000 ATMs and more than 4, 700 Chase branches.

• Ink Business Premier Credit Card: The Chase card features cashback rewards and perks with flexible redemption options. Earn 2.5% cash back on every purchase of $5, 000 or more and 2% cash back on all other purchases.

Pros

• National bank brand: Chase is a well-known business brand and offers thousands of ATM and bank branch locations.

• Building a relationship: When you bank with Chase, you can access other banking services as your business grows, such as a line of credit or other types of loans.

Cons

• Fees: Chase customers may incur monthly service fees on checking accounts and fees at non-Chase ATMs. Ink Business Credit Cards may also charge fees.

• Fee-free Transaction limits: Chase has a monthly limit on fee-free cash deposits ($5, 000) and physical transactions (20). When the number of transactions exceeds the limits, customers incur fees.

• Frustrating customer support: Customers often experience long wait times when trying to reach customer support.

• Not a technology company: Key features you get with technology platforms like Rho, such as accounting integrations, real-time expense management, and AP automation, are not offered by JP Morgan.

• No finance integrations: Chase does not offer many important finance tools that startup founders need to operate. Rho offers business banking, payables, expense management, and treasury within one platform.

Pricing

Chase checking accounts charge service fees, and the fees decline for customers who carry larger balances. Service fees range from $15 to $95 each month. The Ink Business Premier Credit Card has a $195 annual fee, and Chase offers other credit card options with no annual fees.

Best for

Business owners who can maintain large enough checking account balances to avoid monthly fees are a good fit for Chase. The Ink Business Credit Card options offer bonuses, cashback, and other rewards to businesses that can meet card spending requirements.

Mercury vs. Chase for Business

Mercury provides products and services tailored to VC-backed startups. The company offers business checking and savings accounts, corporate credit cards, treasury services, venture debt, and bill pay solutions

Chase for Business offers checking, credit card and debit card processing, and the Ink Business credit card, but it does not offer other services that founders may need as the startup grows.

What should you look for when picking a business bank account?

• Minimal fees: The best bank account should be fee-free, or only charge fees for unusual or infrequent transactions. If an account charges fees for common transactions, your costs will increase sharply as you scale.

• FDIC insurance coverage: Startup founders need a platform that will monitor total balances in each bank account and move funds if the balance exceeds the threshold for FDIC insurance coverage.

• Integrations with payments and expense management: Basic banking options, whether from traditional banks or newer fintechs, might not offer you the support and advanced payable capabilities you need. Such a scenario can lead to delayed payments, a lack of intuitive visibility into your cash flows, and seemingly uncontrollable monetary workflows.

FAQs: Mercury banking platform

What is Mercury for business banking?

Mercury is a financial technology company providing business checking and savings accounts, corporate credit cards, treasury services, venture debt, and bill payments tailored to VC-backed startups.

Is Mercury for banking or is it for cash management?

Mercurys banking services involve cash management activities.

Cash management is the process of forecasting and monitoring cash activity to generate sufficient cash inflows to pay all required cash outflows and maintain proper financial health. Mercury provides tools for these cash management tasks:

• Managing bank deposit accounts: Managing bank account balances and determining the amount of excess cash not needed for company operations.

• Funding investments: Moving excess cash in and out of an investment account to maximize the yield earned on a cash position. Treasury management invests excess cash in short-term investments, including treasury bills.

Effective cash management also includes cash flow forecasting and monitoring receivables. Mercury does not provide financial tools for these tasks.

Can you deposit cash into a Mercury banking platform account?

Mercury customers cannot deposit cash, and the platform is not part of a fee-free ATM network

Is Mercury a good business banking platform?

Mercury is great for startup businesses that want access to business banking services built into a technology platform with a good user experience.

Customers with more than $250, 000 in deposits who want a sweep account to increase FDIC insurance coverage may be a fit for Mercury. Mercury is also a consideration for businesses that want access to venture funding.

However, as growth-stage startups scale, they may need additional capabilities like multi-entity support, fully integrated AP automation, and other important financial operations features that Mercury does not provide.

Is the Mercury banking platform secure?

Startup founders should consider the security of both business banking deposits and treasury investments.

Checking and savings deposits

Mercury uses a sweep network, which is a program that spreads customer deposits across multiple banks, reducing the risk of loss if one bank fails.

The FDIC currently insures up to $250, 000 per depositor, per institution. When multiple banks are used for deposits, Mercury customers get FDIC insurance through multiple institutions. Mercury customers are eligible for up to $5 million in total FDIC insurance coverage.

Mercury Vault monitors balances and prompts the movement of funds when a single bank account balance is higher than the $250, 000 FDIC insurance limit.

Mercury Treasury investments

Mercury clients with $250K+ across their Mercury accounts can invest excess cash to earn yield. The current fund options (as of 08/02/2026) are the J.P. Morgan U.S. Treasury Plus Money Market Fund (JTCXX), which invests in U.S. Treasury obligations with same-day liquidity, and the Morgan Stanley Ultra-Short Strategy Portfolio (MCRYX), with 1–2 day liquidity.

Fund balances are SIPC-insured, not FDIC-insured.

As mentioned above, money market fund risk and rewards differ from investing directly in U.S. Treasuries held in your name.

When a customer opens a Mercury Treasury account, Apex Clearing Corporation, a FINRA-regulated broker-dealer, opens an account in the customers name. Funds are held in custody at Apex, not at Mercury.

How does Mercury make money?

Mercury makes money in six different ways:

• Interest earned on checking deposits in Mercury bank accounts

• Merchant fees (interchange fees) are paid by merchants when customers use an IO card or a Mercury debit card

• Earnings on foreign exchange processing on international wires

• Customer fees paid by Mercury Treasury customers

• Origination fees and interest earned on Mercury Venture Debt transactions

• Customer fees paid by Mercury Financial Workflows and Mercury Personal users

How long does it take to open a Mercury banking platform account?

Mercury will make a decision on your bank account application typically within 1-2 business days.

Founders who are interested in Mercury complete an online application. You must be a US company and provide a federal Employer Identification Number (EIN) number, official business formation documents, and a picture of your government ID.

Wrap-up: is the Mercury banking platform right for you?

Mercury is great for startup businesses that want access to business banking services built into a technology platform with a good user experience.

Many startup founders need additional capabilities like multi-entity support, AP automation, and other important financial operations features. As Mercury banking platform reviews point out, Mercury does not provide these services.

Rho's scalable platform offers an end-to-end solution encompassing corporate cards, expense management, AP automation, business banking, and treasury management under one roof.

This means startups and small- to medium-sized businesses do not have to juggle multiple services as they grow, saving time and streamlining operations.

Schedule time with a Rho payments expert today to learn more about Rho!

Rho is a fintech company, not a bank or an FDIC-insured depository institution. Checking account and card services provided by Webster Bank, a division of Santander Bank, N.A., member FDIC. Savings account services provided by American Deposit Management Co. and its partner banks. International and foreign currency payments services are provided by Wise US Inc. FDIC deposit insurance coverage is available only to protect you against the failure of an FDIC-insured bank that holds your deposits and subject to FDIC limitations and requirements. It does not protect you against the failure of Rho or other third party. Products and services offered through the Rho platform are subject to approval.

Competitive data was collected as of August 2, 2026 and is subject to change or update.

The Rho Corporate Cards are issued by Webster Bank, a division of Santander Bank, N.A., member FDIC pursuant to a license from Mastercard, subject to approval.₁Up to 2% Cashback with Rho Platinum on up to $1M in eligible annual card spend; 1.5% standard; terms and conditions apply. See eligibility and complete Rho Cashback Rewards Program terms and conditions here. Investment management and advisory services provided by RBB Treasury LLC dba Rho Treasury, an SEC-registered investment adviser and subsidiary of Rho. RBB Treasury LLC facilitates investments in securities: investments are not deposits and are not FDIC-insured. Investments are not bank guaranteed, and may lose value. Investment products involve risk, including the possible loss of the principal invested, and past performance does not future results. Registration with the SEC does not imply a certain level of skill or training. Treasury and custodial services provided through Apex Clearing Corp. ("Apex") and Interactive Brokers LLC ("Interactive"), registered broker dealers and members FINRA/SIPC. Interactive rates may vary from Apex rate shown above. For additional information about investment management and advisory services provided by Rho Treasury, please refer to Rho Treasury's ADV-2A Wrap Fee Brochure.