Best Banks for Startups in 2023
Banking is a must for any startup. Over the last decade, there has been a rise in online banking platforms offering startup-friendly services such as minimal fees, lending options, and fast mobile banking.
We have you covered if you are a startup owner looking for a bank to address your simple or complex needs. Before deciding which bank to partner with, read our quick review on the 10 best bank platforms for startups, the benefits, and our recommendation for the best banking platform for startups.
The 10 best banks for startups:
- Mercury: Best online bank for startups
- Silicon Valley Bank (SVB): Good option for tech startups
- Relay Financial: Good for small businesses
- Brex: Good for early-stage startups
- Ramp: Great for companies scaling quickly
- Creative Juice: Excellent choice for creatives
- Novo: Good for remote businesses
- Lili: Excellent for independent contractors
- Lance: Great choice for new freelancers
- Zil: Good for freelancers, startups, and businesses
Mercury: Best bank for startups
Mercury offers the most robust online banking solution for startups. Businesses can sign up for a checking and savings account and a debit card within 15 minutes. It is an excellent platform for startups hoping to scale their business and integrates easily with accounting software such as QuickBooks.
Pros
- Funds are FDIC secured
- Offers full-stack banking
- No minimum balance required
- Excellent Live Chat Support
- No monthly transaction fees
- Cash withdrawal is available at Allpoint ATMs
Cons
Silicon Valley Bank (SVB): Good option for tech startups
Silicon Valley Bank (SVB) is a subsidiary of SVB Financial Group and a popular choice for tech companies. SVB has $75 billion in assets and almost $170 billion in deposits and investments and is one of the more well-known banks in the startup space. SVB prioritizes startups and works with them at every stage of their growth.
Pros
- Suitable for every stage of growth
- Offers global banking
- Integrates with accounting software
- Provides lending and credit
Cons
- The online interface is not user-friendly.
- Mobile deposits sometimes don’t work
- Challenging to move large sums of money
- The account setup procedure can be long
Relay Financial: Good for small businesses
Relay Financial is a no-fee, money management, and online banking platform with small businesses in mind. It provides banking and integrates with accounting software such as Xero and QuickBooks, making it a good choice for small businesses.
Pros
- Integrated banking and accounting
- No monthly fees with a standard account
- No minimum balance required
- Up to 20 corporate checking accounts
Cons
- High monthly fees for the Pro version
- No interest paid on savings
- Phone help is limited
Brex: Good for early-stage startups
Brex is a financial service offering cash management and credit cards to tech companies. It gives new startups access to credit to help them in the early phases of their growth. Brex evaluates an applicant’s creditworthiness based on the company’s cash balance, spending habits, and investors rather than the business owner’s credit score.
Pros
- There is no yearly charge
- Bonuses for new cardholders
- No international transaction costs
Cons
- Transferring money can be confusing
- Poor integration with accounting software
- Customer service can be an issue
Ramp: Great for companies scaling quickly
Ramp is a corporate card and expense management platform. It offers small to medium-sized businesses insights into company expenditure and identifies areas where the organization can cut expenses. The 5-in-1 software also manages bill payments, accounts, and reporting.
Pros
- Straightforward incentive plan
- Receive partner rewards
- Fee-free options
Cons
- No mobile app
- Need $75,000 in cash to apply
- Customer service choices are limited
Creative Juice: Excellent choice for creatives
Creative Juice is a new type of business model for digital content providers. Its first product, Juice Funds, will empower creators to support and invest in peer enterprises. The firm also provides “Juicetimates,” which allows creators to connect their accounts to its tools and obtain a revenue estimate and business valuation based on their existing viewership and other variables.
Pros
- Targeted towards creative industries
- A straightforward plan for content creators
- Talented project team
Cons
Novo Bank: Good for remote businesses
Novo is a business banking platform built for today’s business owners. Since launching our invite-only release, freelancers, startup founders, and small business owners alike have been opening business checking accounts in minutes, securely and efficiently, with no minimum balance requirements.
Pros
- No monthly fees or a minimum balance required
- There are no transaction costs
- Integrates with XERO and TransferWise
- Easy setup
Cons
- For business accounts only
- Cannot send domestic or international wires
- Bill pay does not support recurring payments
Lili Bank: Excellent for independent contractors
Lili is a mobile bank account suitable for sole proprietors and independent contractors. It is a digital platform allowing you to classify your business and personal costs, save for taxes, and receive payments from customers in one account.
Pros
- No minimum balance required
- Transactions are fee-free
- Cash rewards with a Pro account
Cons
- Mobile access only
- Limit on daily and monthly deposits
Lance Bank: Great choice for new freelancers
Lance is a mobile-only banking app designed for freelancers and independent contractors. It is backed by Blue Ridge Bank and provides taxation tools, bookkeeping, and entry-level accounting.
Pros
- Assist freelancers in managing their finances better
- Calculates and pays quarterly taxes
- Tracks deductions
Cons
- High monthly fee for the Pro version
- Not a full-service bank
- No interest on savings
Zil Bank: Good for freelancers, startups, and businesses
Zil is a cloud-based banking platform for freelancers, startups, and businesses. The all-in-one platform offers real-time transfers between Zil accounts, ACH payments, money transactions, and international wire transfers.
Pros
- Easy opening a bank account for non-U.S. residents
- No minimum balance required
- No account fees
Cons
- For business accounts only
