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Mercury vs Wave
A detailed comparison to help you choose between Mercury and Wave.
Last reviewed:
| Feature | Mercury | Wave |
|---|---|---|
| Pricing Model | Freemium | Free |
| Free Tier | Yes | Yes |
| Monthly Cost (Solo) | $0 | $0 |
| Target Audience | solopreneurs, startups | solopreneurs, creators |
| Verified | No | Yes |
| Solo-Friendly | Yes | Yes |
| Open Source | No | No |
| Editorial Rating | 4.5/5 | 4/5 |
| Categories | Finance | Finance |
| Key Features | Business checking and savings, Corporate cards, Wire and ACH transfers, Treasury management, Venture debt | Free accounting, Free invoicing, Receipt scanning, Bank connections, Financial reports |
| Free Tier Quality | excellent | excellent |
Pricing Breakdown
Mercury
Mercury: free (checking, savings up to 4% APY). Plus: $35/month (higher APY, premium support). Pro: custom. No minimum balance.
Wave
Accounting and Invoicing: free. Payroll: $20-40/month base + $6/employee. Payments: 2.9% + $0.60 (credit card), 1% ($1 min) for bank payments.
Integration Overlap
Only in Mercury (8)
QuickBooksXeroGustoBrexRampStripePlaidZapier
Only in Wave (6)
Bank connectionsPayPalEtsyShoeboxedGoogle Sheets (export)Excel (export)
Use Case Fit
Mercury
- * Startup business banking
- * Treasury and cash management
- * Team expense management
- * International wire transfers
- * Automated accounting integration
Wave
- * Free small business accounting
- * Invoice creation and online payments
- * Expense tracking and categorization
- * Financial reporting for tax preparation
- * Receipt scanning and organization
Mercury
Pros
- + Best banking UX for startups
- + No fees on most features
- + High-yield treasury (5%+)
- + Developer-friendly API
Cons
- - Not a traditional bank (fintech)
- - Limited physical banking
- - Customer support can be slow
- - FDIC coverage via partner banks
Wave
Pros
- + Core features completely free
- + Unlimited invoicing
- + Good for basic bookkeeping
- + Receipt scanning included
Cons
- - Payment processing costs extra
- - Limited integrations
- - Less powerful than QuickBooks
- - US and Canada focused
Editorial Verdict
Both tools are evenly matched on price. Mercury excels at startup business banking, while Wave is stronger for free small business accounting.
SaaSLens Editorial Team
Editorial Team