Mercury VS Splitwise

Compare Mercury VS Splitwise and see what are their differences

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Private expense tracker: upload CSV/Excel bank statements, no bank sync. featured

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Splitwise

Splitwise is a free tool for friends and roommates to track bills and other shared expenses, so that everyone gets paid back. On the web, iPhone, and Android!

Landing page //
2023-06-17

Mercury offers banking* for startups — at any size or stage. With an intuitive product experience, founders can access free checking and savings accounts, debit and credit cards, domestic and international wire transfers, Treasury, venture debt, and more — and manage their business with confidence. Mercury also offers vibrant community programs that provide founders with the connections, advice, and resources to help them build the next great companies. Launched in 2019, Mercury is trusted by more than 100,000 startups. To learn more, visit Mercury.com.

*Mercury is a financial technology company, not a bank. All banking services provided by Choice Financial Group and Evolve Bank & Trust®; Members FDIC.

Landing page //
2023-01-23

Mercury

Website: mercury.com
Pricing URL: Official Mercury Pricing
$ Details: free
Platforms: Web iOS Android
Release Date: 2019 April
Startup details
Country: United States

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Splitwise

Website: splitwise.com
Pricing URL: -
$ Details: -
Platforms: -
Release Date: -

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Mercury features and specs

Ease of Use
Mercury offers a user-friendly interface that simplifies banking for startups and small businesses, making it easy to manage accounts, transfer funds, and monitor transactions.
No Monthly Fees
Mercury does not charge monthly fees or require minimum balances, which is beneficial for new businesses trying to manage their finances effectively.
Automated Bookkeeping
Mercury provides integrated bookkeeping tools, facilitating accounting processes by automatically syncing transactions with popular accounting software like QuickBooks and Xero.
FDIC Insured
Mercury accounts are FDIC-insured up to $250,000 through its partner banks, providing peace of mind regarding the safety of your deposits.
Multiple User Accounts
The platform allows multiple user accounts with customizable permissions, making it easier for teams to collaborate on financial management securely.

Possible disadvantages of Mercury

Limited Physical Presence
Mercury operates entirely online, which can be a drawback for businesses that prefer or require in-person banking services.
No Cash Deposits
Mercury does not support cash deposits, which can be inconvenient for businesses that deal with a significant amount of cash transactions.
Limited Lending Options
Mercury offers fewer lending products compared to traditional banks, which might be a limitation for businesses seeking comprehensive financing solutions.
Customer Service
While often responsive, customer service is primarily conducted through online channels, which some users may find less satisfactory compared to face-to-face interactions.
No International Wire Transfers
Mercury does not support international wire transfers, which can be a significant limitation for businesses operating globally.

Splitwise features and specs

User-Friendly Interface
Splitwise provides an intuitive and easy-to-navigate interface, making it straightforward for users to add expenses, keep track of debts, and settle up.
Multi-Platform Availability
Available on the web, iOS, and Android, Splitwise ensures users can access and manage their expenses from almost any device.
Expense Tracking
The app allows users to easily log and categorize expenses, which can be particularly useful for group trips, shared households, or any shared financial responsibility.
Flexible Split Options
Users can split expenses equally, by percentages, shares, or custom amounts, providing flexibility in how costs are divided among group members.
Currency Conversion
Splitwise supports multiple currencies, which is handy for international travel or groups with members from different countries.
Bill Reminders
The app sends reminders for outstanding balances, helping users to stay on top of their payments and avoid forgotten debts.
Integration with Payment Platforms
Splitwise can integrate with payment platforms like PayPal and Venmo for easy settlement of balances.

Possible disadvantages of Splitwise

Privacy Concerns
Since Splitwise involves sharing financial information with others, there could be privacy concerns for those unwilling to share detailed expense data.
Subscription-Based Features
Some advanced features, such as expense exporting and additional integrations, require a Splitwise Pro subscription.
Manual Entry Requirement
Splitwise requires users to manually enter expenses, which could be time-consuming and prone to errors if not done diligently.
Limited Automatic Reconciliation
While Splitwise helps track who owes whom, it does not automatically reconcile or pay off balances, leaving users responsible for manual payment.
Dependency on Group Honesty
The accuracy of the expense records relies on the honesty and diligence of all group members, which may not always be reliable.
Potential for Confusion
The various options for splitting bills (equally, by shares, etc.) can sometimes lead to confusion or disputes among users over what is fair.

Analysis of Mercury

Overall verdict

Mercury is generally considered a good option for startups and tech companies that want a hassle-free banking solution with modern digital tools. It is particularly beneficial for those seeking an online-focused bank with no hidden fees.

Why this product is good

Mercury is an online bank that is designed specifically for startups and tech companies. They offer a range of features that cater to the needs of small businesses, such as seamless integration with accounting software, no monthly fees, and no minimum balance requirements. Additionally, Mercury provides a user-friendly digital interface, allowing entrepreneurs to manage their finances with ease. Their customer service is often praised for being responsive and helpful.

Recommended for

Startups
Tech companies
Small businesses looking for digital banking solutions
Entrepreneurs wanting a no-fee account

Analysis of Splitwise

Overall verdict

Splitwise is a highly effective tool for managing shared expenses, especially if frequent splitting of costs is involved. Its features make it easy to track who owes what, and its automatic calculations save time and reduce errors.

Why this product is good

Splitwise is popular because it simplifies sharing and tracking expenses among groups, making it ideal for roommates, friends on trips, or any group spendings.
It automatically calculates balances and reminds users about payments, reducing the awkwardness of asking others for money.
Offers a user-friendly interface both on web and mobile apps, which makes managing expenses convenient and accessible.
Supports multiple currencies, which is great for international travel groups.
Integration with payment platforms like PayPal and Venmo for easy settlement of debts.

Recommended for

Roommates who need to regularly split household bills and expenses.
Groups of friends or families who often travel together and need to manage shared travel costs.
Colleagues or classmates working on projects or events that require shared funding.
Anyone who wants to avoid the hassle of manually tracking and settling shared expenses.

Mercury videos

+ Add

Mercury Movie Review - Prabhu Deva, Karthik Subburaj - Tamil Talkies

Splitwise videos

+ Add

Splitwise - iPhone App Review! [2020]

Category Popularity

0-100% (relative to Mercury and Splitwise)

Mercury

Splitwise

Online Payments

100 100%

Online Payments

0% 0

Personal Finance

0 0%

Personal Finance

100% 100

Money Transfer

100 100%

Money Transfer

0% 0

Expense Tracking

0 0%

Expense Tracking

100% 100

User comments

Share your experience with using Mercury and Splitwise. For example, how are they different and which one is better?

Reviews

These are some of the external sources and on-site user reviews we've used to compare Mercury and Splitwise

Mercury Reviews

Veeresh G T

· Founder at Vepapu · about 3 years ago

The best for Non-Residents

The best in the market for helping US non-residents get a checking bank account for their US companies. Mercury's secure experience takes founders to another level in their global journey.

🏁 Competitors: Vepapu

👍 Pros: Free pricing|Place for non-residents

Splitwise Reviews

12 Best Bill Splitting Apps in 2023

Splitwise is among the most commonly used group payment apps that can easily keep a systematic record of all your informal debts including restaurant bills, travel expenses, cost of accommodation, and much more. With this expense sharing app, users can either create groups or split the bill privately among friends. Splitwise also registers and saves all the expenses and...

Source: www.mobileappdaily.com

6 Best Bill Splitting Apps for Hassle-Free Expense Sharing

Splitwise employs an intelligent algorithm to calculate the exact amount owed by each user. It shows who paid for what, how much amount was paid by each member, and any outstanding balances. Furthermore, the application also keeps everyone updated about their balances and recent transactions.

Source: www.how2shout.com

Best Bill-Splitting Apps

For example, shared items like appetizers would be split among the entire group or just a few people in the group. The app can handily accommodate large parties by allowing you to add up to 10 people to each group. Once you’ve divided up the food among all the plates you can add in tax and tip. The app is made by the same company as Splitwise and is completely free. The only...

Source: www.thebalancemoney.com

7 Best Budgeting Tools and Apps for Personal Finance

This one’s not a complete budgeting app but it’s still a handy one. Splitwise is a nifty app that helps people track how much they owe to friends and colleagues and vice versa. It makes sharing expenses on outings, meals, events, etc easy to track by logging in each transaction. It basically keeps a total over time, so that you can pay back the money in a large payment,...

Source: www.softwaresuggest.com

Social recommendations and mentions

Based on our record, Mercury seems to be more popular. It has been mentiond 37 times since March 2021. We are tracking product recommendations and mentions on various public social media platforms and blogs. They can help you identify which product is more popular and what people think of it.

Mercury mentions (37)

How to Form a US LLC as a Non-Resident (2026 Complete Guide)
Banking and payment processor access. Stripe, PayPal, and most US processors require a US entity. An LLC with an EIN gets you into Mercury, Relay, Wise Business, and other neobanks that accept non-resident founders. See Mercury vs Wise vs Relay for a full comparison. For many founders, banking access is the real reason they form the LLC. - Source: dev.to / 3 months ago
Sonos CEO Patrick Spence steps down after app update debacle
Interestingly, Mercury [0] is VC-backed, and their backend is entirely Haskell. In an interview [1], their CTO mentions that it’s actually quite easy to hire for Haskell, as the demand is much lower than the supply, and, as he slyly puts it, “interest in Haskell acts as a decent proxy for baseline developer quality.” So while the pool is larger for JS/TS and Python, that may not always be beneficial. [0]:... - Source: Hacker News / over 1 year ago
Haskell vs. Ada vs. C++ vs. an Experiment in Software Prototyping Productivity [pdf]
I work on one of the largest Haskell codebases in the world that I know of (https://mercury.com/). We're in the ballpark of 1.5 million lines of proprietary code built and deployed as effectively a single executable, and of course if you included open source libraries and stuff that we have built or depend on, it would be larger. I can't really speak to your problem domain, but I feel like we do a lot with what we... - Source: Hacker News / over 1 year ago
Privacy/secruity experience with RBFCU? (Randolph Brooks Credit Union)
Not just a fintech front for a privacy dis-respecting bank (like Mercury business banking for example). Source: over 2 years ago
The Meaning of Monad in MonadTrans
Mercury (https://mercury.com/) uses Haskell extensively for pretty much all of its backend systems. It’s a great general purpose language. - Source: Hacker News / almost 3 years ago

Splitwise mentions (0)

We have not tracked any mentions of Splitwise yet. Tracking of Splitwise recommendations started around Mar 2021.

What are some alternatives?

When comparing Mercury and Splitwise, you can also consider the following products

Brex - The first corporate card for startups

Tricount - Manage and share expenses with friends

Arc - This new web browser is going to kill Chrome

Splid - Splid helps friends manage their money.

Stripe - Online payment processing for internet businesses. Stripe is a suite of payment APIs that powers commerce for online businesses of all sizes. Use Stripe’s payment platform to accept and process payments online for easy-to-use commerce solutions.

Settle Up - SETTLE UP is an indispensable app for friends and flatmates who need to keep track of shared bills...

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