Mercury vs Relay: Features, Coverage and Pricing Compared (2026)
Updated November 10, 2026 · Reviewed by Benjamin Margolis
Mercury and Relay both sell online business banking to US small businesses. Mercury is the larger, with a free core plan, treasury, and an API. Relay is built around separate checking accounts for each part of the budget.
Our analysts compared the two on November 10, 2026, using each company's own product, pricing, and company pages and our full reviews of Mercury and Relay.
Choose Mercury if
- you want treasury for idle cash
- you want an API
- you want accounting and payroll in the same app
Choose Relay if
- you split cash into many accounts
- you work closely with a bookkeeper
- you follow Profit First
Mercury scores 84 and Relay scores 80 in our ratings. Mercury has the broader product. Relay is built for small businesses that manage cash in buckets.
Key Features Compared
Mercury vs Relay at a Glance, November 2026
| Feature |  Mercury | Relay |
|---|---|---|
| Ratings | ||
| Fintech Index score | 84 / 100Higher score | 80 / 100 |
| Overview | ||
| What it is | San Francisco fintech that gives startups and small businesses checking and savings accounts, cards, bill pay, invoicing, and treasury through partner banks | US business banking and money platform that helps small businesses organize checking, savings, cards, bill pay, and cash-flow workflows |
| Who uses it | US startups, ecommerce sellers, agencies, and small businesses; more than 300,000 customers | US small businesses and their bookkeepers; more than 110,000 businesses |
| Main products | Checking, savings, treasury, debit and credit cards, bill pay, invoicing, accounting, payroll, and working-capital loans | Multiple checking and savings accounts, debit and credit cards, bill pay, invoices, and advisor access |
| Where it operates | US-registered businesses | US small businesses |
| Products and features | ||
| Company cards | Debit and credit cards with spend controls | Debit and credit cards with expense tools |
| Invoicing and bookkeeping | Bill pay, invoicing, and Mercury Books | Bill pay and invoices |
| Pricing | ||
| How pricing works | Mercury $0, Plus $29.90, and Pro $299 a month; 15% off annual billing | Plan fees on public pricing pages, marketed with no hidden fees |
| Published prices | Free core plan | Plan fees posted |
| Technology and compliance | ||
| Licenses and account protection | Fintech, not a bank; deposits at Choice Financial Group and Column N.A., with FDIC cover through partner banks | Banking by Thread Bank, Member FDIC |
| Apps and API | API for custom workflows | App built for account buckets and bill pay |
| Integrations and partners | Xero, QuickBooks, and NetSuite on paid plans | Bookkeeping tools and accountant collaboration |
| Onboarding and support | Online sign-up in minutes; priority support on Plus | Apply in minutes; standard small-business terms |
| Company | ||
| Founded | 2017 | 2018 |
| Headquarters | San Francisco, California | Toronto, Ontario, Canada |
| Ownership | Private company | Private company (Relay Financial Technologies, Inc.) |
| Funding | ~$200M Series D in May 2026 at a $5.2B valuation, led by TCV with a16z, Coatue, CRV, Sapphire, Sequoia, and Spark | ~$32.2M Series B in May 2024 led by Bain Capital Ventures with Better Tomorrow Ventures, Garage Capital, and others |
| Key leader | Immad Akhund | Yoseph West |
| Scale | $650M annualized revenue in Q3 2025; customers moved $248B through it in 2025 | More than $1B in customer deposits |
Fintech Index Scores Compared
We rate every company on eight criteria from 0 to 100, four tied to what buyers in its sector need and four shared by every company, and the rating is their average. Mercury scores 84 and Relay scores 80.
Criterion Scores Out of 100
Key Differences Between Mercury and Relay
Accounts
Relay opens several checking and savings accounts to separate operating cash. Mercury offers checking, savings, and treasury.
Scale
Mercury serves more than 300,000 customers and reported $650M of annualized revenue. Relay reports more than 110,000 businesses and more than $1B of deposits.
Banks
Mercury's deposits are held at Choice Financial Group and Column N.A. Relay's banking is provided by Thread Bank.
Pros and Cons
Mercury
Pros
- Free core plan with ACH, wires, and treasury
- Strong software across cards, bill pay, and accounting
- API for custom workflows
- Four years of GAAP profit
Cons
- No cash deposits or branches
- Only for US-registered businesses
- Not itself a bank
Relay
Pros
- Multiple checking accounts to separate operating cash
- Bill pay and cards next to the accounts
- Built for working with an accountant
- Plan fees posted
Cons
- No international multi-currency treasury
- Not for fintechs building banking products
- Banking depends on Thread Bank
Who Each Is Best For
Mercury
A US startup or small business that wants free business banking, cards, bill pay, and treasury in one online account.
Relay
A US small business that wants multiple checking and savings buckets, cards, bill pay, and clearer cash-flow control than a basic business checking account.
Alternatives to Mercury and Relay
These companies, all reviewed and rated on The Fintech Index, cover some of the same ground as Mercury and Relay.
Other Card Issuing and Processing Companies
| Company | Score | Best for | Comparisons |
|---|---|---|---|
| Rho | 80 | US startups that want fee-free banking and cards with human support | Mercury vs Rho |
| Novo | 77 | Sole founders who want free checking with invoicing | Novo vs Relay |
| Lili | 75 | Freelancers who want tax prep in the account | None yet |
Frequently Asked Questions
Is Mercury free?
The core plan costs $0. Plus costs $29.90 and Pro $299 a month.
Is Relay a bank?
No. Banking is provided by Thread Bank, Member FDIC.
Which has an API?
Sources
- The Fintech Index analysis of Mercury and Relay, conducted November 2026 (As of November 10, 2026)
- Mercury home page: https://mercury.com/ (As of November 10, 2026)
- Mercury, about: https://mercury.com/about (As of November 10, 2026)
- Mercury, pricing: https://mercury.com/pricing (As of November 10, 2026)
- Mercury, Series D announcement: https://mercury.com/blog/series-d-announcement (As of November 10, 2026)
- Mercury, 2025 annual letter: https://mercury.com/blog/annual-letter-2025 (As of November 10, 2026)
- Relay home page: https://relayfi.com/ (As of November 10, 2026)
- Relay, about: https://relayfi.com/about (As of November 10, 2026)
- Relay, Series B post: https://relayfi.com/blog/series-b/ (As of November 10, 2026)
- BetaKit, May 2024: https://betakit.com/bain-leads-second-round-in-relay-financial-as-smb-focused-fintech-closes-44-million-cad-series-b/ (As of November 10, 2026)