❦ OPINION · Finance & accounting
Mercury vs Wave
Side by side: strengths, tradeoffs, features, pricing, and who each one fits. Same rubric, no editor's thumb on the scale, no winner declared — you decide.
Mercury
Startup banking that doesn't make you talk to a banker.
Wave
Free accounting and invoicing for solo founders and very small businesses.
❦ How each one performs
Founder fit by dimension
| Dimension | Mercury | Wave |
|---|---|---|
| Setup speed | 9.6 Account in 11 minutes if you have incorporation docs ready. | 8.5 Sign up in minutes; first invoice in under 10. |
| Ease of use | 9.4 Dashboard is the cleanest in business banking. | 8.4 Easier than QuickBooks; less to learn. |
| Pricing transparency | 9.5 Free tier is genuinely free; paid tiers add control, not access. | 9.5 Free is actually free — clear about what costs extra. |
| Integrations | 9.0 QuickBooks, Stripe, Brex, Ramp, Xero — covered. | 5.5 Limited integrations vs QuickBooks. Bank syncs cover basics. |
| Solo-founder fit | 9.2 Free, no minimums, no personal guarantee. Made for this. | 9.0 Designed for this exact persona. |
❦ Feature matrix
Features
| Feature | Mercury | Wave |
|---|---|---|
| Checking account | ● Yes | — No |
| Savings account | ● Yes | — No |
| Treasury (yield) | ● Yes | — No |
| Virtual cards | ● Yes | — No |
| Physical cards | ● Yes | — No |
| API access | ● Yes | — No |
| ACH transfers | ● Yes | — No |
| International wires | ● Yes | — No |
| Sub-accounts | ● Yes | — No |
| QuickBooks sync | ● Yes | — No |
| Bill pay | ● Yes | — No |
| Mobile app | ● Yes | ● Yes |
| Invoicing | — No | ● Yes |
| Bookkeeping | — No | ● Yes |
| Receipt scanning | — No | ● Yes |
| Bank sync | — No | Pro tier |
| Recurring invoices | — No | ● Yes |
| Payment acceptance | — No | 2.9% + 60¢ |
| Payroll (US) | — No | Payroll add-on |
| QuickBooks import/export | — No | ● Yes |
| Multi-currency | — No | ◐ Partial |
| Project tracking | — No | — No |
| Advanced reporting | — No | — No |
❦ Every tier, side by side
Pricing
Mercury
| Free | $0 | Checking, savings, debit cards, ACH + wires |
| Mercury Plus | $35/mo | Advanced controls, accounting integrations |
| Mercury Pro | $350/mo | Higher limits, dedicated support |
Wave
| Free | $0 | Unlimited invoicing + accounting |
| Pro | $16/mo | Automatic categorization, unlimited bank connections |
| Payroll | $40/mo + $6/ee | US only, basic add-on |
❦ What each one is genuinely good at, and what to know going in
Strengths and tradeoffs
Mercury
Strengths
- ●Free with no minimum balance or monthly fees
- ●Account approval in under a day for standard C-corps
- ●Treasury yields (4–5%) on idle cash without separate brokerage
- ●Issue virtual cards per project or per teammate
Tradeoffs
- ●US entities only — no international account opening
- ●Customer support is good but not 24/7 phone
- ●Wires take longer than incumbents (1–2 business days vs same-day)
Wave
Strengths
- ●Free tier is genuinely free, no time limit
- ●Invoicing UX is cleaner than QuickBooks
- ●Receipt scanning works well from mobile
- ●No vendor lock-in — exports to QBO or Xero
Tradeoffs
- ●Reporting is basic — exports needed for board-grade financials
- ●Limited third-party integrations vs QBO
- ●US, Canada, UK only — no international invoicing
❦ Who each one is built for
Fit by founder type
| Founder type | Mercury | Wave |
|---|---|---|
| Solo Founder | Strong fit Free banking that scales with you. No-brainer for US C-corps. | Strong fit Free tier covers full pre-revenue and early-revenue stack. |
| Small Team | Strong fit Mercury Plus ($35/mo) covers team controls cleanly. | Workable Functional but reporting limits hit fast at $250k+ revenue. |
| Agency | Workable Works fine; some agencies prefer richer expense controls (Brex). | Not the right fit Reporting and project-level tracking aren't there. |
❦ Quick reference
Key facts
Mercury
- 2017
- San Francisco, CA
- 200,000+ startups
- $5M (sweep program)
- ~4.5% APY
Wave
- 2010
- Toronto, Canada
- 4M+ businesses
- H&R Block (2019)
- US, Canada, UK
❦ When to pick each
Two right answers, two different situations.
Pick Mercury when
Free banking that scales with you. No-brainer for US C-corps.
Pick Wave when
Free tier covers full pre-revenue and early-revenue stack.