Mercury vs Novo: Which Is Better in 2026?

Quick take

When sizing up Mercury and Novo for business banking, the deciding factor often boils down to priorities like pricing, features, and ease of use. Novo is a better fit for cost-conscious startups, thanks to its zero monthly fees and no hidden costs. Mercury, on the other hand, delivers richer tools and networking opportunities that cater to businesses on the growth trajectory, albeit at a cost that might be too high for those watching their budget.

"Novo simplifies banking for small businesses with its no-frills fee structure, while Mercury empowers growing enterprises with advanced financial tools."

Fees and pricing compared

Cost is king for many small businesses, and here’s where Novo stands out. With no monthly fees, no minimum balance requirements, and free ACH transfers, Novo offers a straightforward, budget-friendly choice. In contrast, while Mercury also doesn't charge monthly fees, its associated services can incur costs, such as for outgoing wires or more advanced features beyond basic banking.

Novo's transparent fees make it ideal for businesses that need to keep costs predictable and low. Mercury can become pricier as businesses engage more with their ecosystem or require additional services.

Features and platform compared

Mercury takes the crown when it comes to features. It offers fully integrated financial tools like multi-user access, custom approval workflows, and insightful analytics dashboards. On top of that, Mercury provides API access for those needing custom financial solutions and direct integrations for accounting software like QuickBooks and Xero.

Novo’s platform, while more straightforward, still offers essential features like seamless integrations with accounting and invoicing tools, making it adequate for many small businesses. Yet, for companies seeking extensive analytics and customizable controls, Mercury delivers more value.

Mobile experience

The mobile experience for both Mercury and Novo largely performs well but caters to different needs. Novo's app focuses on simplicity and ease of use, providing essential banking functions, spending tracking, and third-party app integrations that work well for on-the-go entrepreneurs.

Mercury's mobile platform, though slightly complex, offers broader functionalities, allowing users to manage multi-account access or engage in more nuanced financial decision-making directly from their phone. It’s great for users who are tech-savvy and demand full-bodied control.

Who each one is for

Pick Novo if you are just starting out and need a business banking service that won't eat into your budget. Novo's straightforward, fee-free structure is a huge boon for early-stage companies and freelancers.

Mercury, with its depth of features, is better suited for startups ready to scale and requiring robust financial insights. It is particularly valuable for tech-savvy businesses looking for tools that support growth management, investment, and broader team collaboration.

The bottom line

Both Mercury and Novo have carved out niches in the business banking sphere, but they appeal to different audiences. Novo provides unmatched cost control, ideal for cash-strapped beginnings. Meanwhile, Mercury’s advanced suite is perfect for companies looking to leverage financial technology to scale operations.