Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Ask HN: Best Bank for Startups?

news.ycombinator.com

Post reply on HN
Print view View original

21–30 of 56 posts

Re: Ask HN: Best Bank for Startups?

#21

Post by immad »

tujson wrote: post #20
immad wrote: post #7

(I am the CEO of Mercury.com.) Lots of people switch over from SVB to us. Happy to answer any questions you have. We go out of our way to be transparent in pricing, have great customers service and "just work". We dont currently do LoCs though. Also feel free to email me (my username AT mercury.com)

+1 for Mercury. Super simple signup, and great UI. Love that there's a mobile app! Real nice to have virtual cards. Only nitpick is when my co-founders linked their bank accounts to Mercury to transfer money, Mercury displayed their personal account balances (after unlinking their accounts, their personal balances no longer showed up). I had to wire transfer since Plaid didn't work for my bank.

Displaying personal balance - Thats come up before, will try to get a fix prioritized for that.

Re: Ask HN: Best Bank for Startups?

#22

Post by immad »

gnicholas wrote: post #19
immad wrote: post #7

(I am the CEO of Mercury.com.) Lots of people switch over from SVB to us. Happy to answer any questions you have. We go out of our way to be transparent in pricing, have great customers service and "just work". We dont currently do LoCs though. Also feel free to email me (my username AT mercury.com)

What sort of interest rates do you offer for folks who are conserving cash right now? I realize interest rates are low in general, but it seems foolish to be getting literally zero from my current bank.

Currently 0. But we have a new product coming up that will help with that.

Feel free to email me if you want to be in the beta for that. Won't be widely released till August.

Re: Ask HN: Best Bank for Startups?

#23

Post by Meegul »

immad wrote: post #7

(I am the CEO of Mercury.com.) Lots of people switch over from SVB to us. Happy to answer any questions you have. We go out of our way to be transparent in pricing, have great customers service and "just work". We dont currently do LoCs though. Also feel free to email me (my username AT mercury.com)

What's your business model? The product looks outstanding, but I, like many others here I'd imagine, am somewhat skeptical of a product that sells itself as nearly completely free for the user.

Re: Ask HN: Best Bank for Startups?

#24

Post by immad »

westoque wrote: post #17
immad wrote: post #7

(I am the CEO of Mercury.com.) Lots of people switch over from SVB to us. Happy to answer any questions you have. We go out of our way to be transparent in pricing, have great customers service and "just work". We dont currently do LoCs though. Also feel free to email me (my username AT mercury.com)

same here. happy mercury customer. just disappointed the webapp wasn't build mobile friendly from the start. the UI is simple enough that it should've been working on mobile! should've used a responsive CSS framework vs using css modules. recreated the wheel for not a lot of value.

We now have an iOS app.

I don't think CSS modules are the issue to making it responsive. We just decided to focus the design/engineering resources on making mobile apps instead of responsive web app.

Ideally we would do both though, and hopefully we can in the future.

Re: Ask HN: Best Bank for Startups?

#25

Post by [deleted] »

Meegul wrote: post #23
immad wrote: post #7

(I am the CEO of Mercury.com.) Lots of people switch over from SVB to us. Happy to answer any questions you have. We go out of our way to be transparent in pricing, have great customers service and "just work". We dont currently do LoCs though. Also feel free to email me (my username AT mercury.com)

What's your business model? The product looks outstanding, but I, like many others here I'd imagine, am somewhat skeptical of a product that sells itself as nearly completely free for the user.

[deleted]

Re: Ask HN: Best Bank for Startups?

#27

Post by immad »

Meegul wrote: post #23
immad wrote: post #7

(I am the CEO of Mercury.com.) Lots of people switch over from SVB to us. Happy to answer any questions you have. We go out of our way to be transparent in pricing, have great customers service and "just work". We dont currently do LoCs though. Also feel free to email me (my username AT mercury.com)

What's your business model? The product looks outstanding, but I, like many others here I'd imagine, am somewhat skeptical of a product that sells itself as nearly completely free for the user.

We make money on debit card usage (interchange) and deposits that sit with us. We will be adding a couple of other revenue streams this year.

We have pretty good unit economics and the bigger we get the more money we make. Agreed that you should be skeptical of anything that makes a loss on a per user basis.

Re: Ask HN: Best Bank for Startups?

#29

Post by surferbayarea »

tapmap wrote: post #26

I have had SVB see transactions from Transferwise in my account and then call me up and offer a better rate on their foreign transfer services. Interesting!

You should switch to First Republic Forex account. We saved ~4% by switching from Transferwise to FRB on our international transfers.

Re: Ask HN: Best Bank for Startups?

#30

Post by xzel »

tujson wrote: post #20
immad wrote: post #7

(I am the CEO of Mercury.com.) Lots of people switch over from SVB to us. Happy to answer any questions you have. We go out of our way to be transparent in pricing, have great customers service and "just work". We dont currently do LoCs though. Also feel free to email me (my username AT mercury.com)

+1 for Mercury. Super simple signup, and great UI. Love that there's a mobile app! Real nice to have virtual cards. Only nitpick is when my co-founders linked their bank accounts to Mercury to transfer money, Mercury displayed their personal account balances (after unlinking their accounts, their personal balances no longer showed up). I had to wire transfer since Plaid didn't work for my bank.

I'd love to provide virtual cards for my business. Is it a simple process to start using them with Mercury?
Post reply on HN