Choosing the right banking partner is essential for your startup's financial health. Traditional banks are often slow, expensive, and have poor digital interfaces. Digital banks (neobanks) have revolutionized the industry. Here are our top picks for 2024.
1. Mercury
Best for: Tech startups and US LLCs.
Mercury is not a bank, but a financial technology company backed by Evolve Bank & Trust. It offers FDIC-insured accounts, virtual cards, and API access. It is incredibly founder-friendly.
2. Wise
Best for: International payments and multi-currency needs.
Wise allows you to hold money in 50+ currencies and convert between them at the real exchange rate. It's cheaper than traditional banks for cross-border transactions.
3. Brex
Best for: Scaling startups with funding.
Brex offers a corporate credit card with high limits (based on cash in bank, not credit score) and a robust expense management platform. It integrates well with accounting software.
4. Relay
Best for: Cash flow management.
Relay allows you to open up to 20 checking accounts to segregate funds (e.g., for taxes, payroll, expenses). It also lets you issue up to 50 virtual debit cards.
5. Airwallex
Best for: Global operations.
Airwallex is a global financial platform that offers borderless cards and accounts. It's great for e-commerce businesses selling in multiple countries.
Verdict
For most US LLCs formed by non-residents, Mercury combined with Wise is the winning combination. Mercury handles your US operations, while Wise handles your international transfers.
