Startup Banking - Which do you use: SVB, Mercury, Brex, Rho, other?
We’re happy @Mercury customers here at Product Hunt. We previously used SVB (I’ve used them at other startups as well), but the interface was clunky, and the bureaucratic process was frustrating—so we switched to Mercury and couldn’t be happier!
Mercury recently introduced expense and reimbursement features. While it may not have all the bells and whistles and detailed permissioning of longer-established options like @Brex , it meets our current needs.
I’ve also noticed @Rho spring up and was curious:
• What stage is your startup at, and which bank are you using? Why?
• Have you tried Mercury, Brex, or Rho? What worked well, and what didn’t?
• If you switched banks, why?
Replies
Rho wins this every day - highly recommend them!!
We moved to Rho about a year ago and never looked back. AP automation and expense management is incredible. Customer service is super responsive.
Magic Docs
Rho’s been crushing it in the startup ecosystem in Sf
Rho. every. single. time. customer support is insane. One of their reps took a call with me while biking home the other day😂
The customer service at Rho is unparalleled - and you get access to it for free.
Two years ago, I moved my personal and business banking to @Mercury. Moving off of a legacy bank like Bank of America has been amazing. I love Mercury for:
High-yield savings and checking account in one place
Forward bills and invoices directly to a mercury placeholder email and it processes it for you
Business credit card with 1.5% cash back and no APR. It auto pays each month which is just simpler.
UI feels like a great tech product not a legacy pain
Fine grained controls on card limits and virtual cards can be issued instantly
Downsides:
Getting a high credit limit on the IO card requires you to have 4x the cash always in the account
Mercury Personal doesn't integrate with Zelle and for some reason I have to pay a bunch of people on Zelle
RHO RHO RHO your boat all day!
Startup is Series A -- we actually have a JPMorgan (not chase) commercial checking account then we use Brex and Ramp on top of that. We wanted the security / backup to move $$ around as needed and play with the high yield (JPM has one too), but we get a human banker who just helps with customer intros