Startup treasury: match your cash to the right account
Mercury, Brex, Wise Business, Meow. 4 questions before you wire $5M anywhere.
Fit matrix
| Profile | Best fit | Why |
|---|---|---|
| Standard US-based ops + treasury sweep | Mercury | Default for VC-backed; ops + treasury sweep; clean APIs |
| Card spend + rewards as primary need | Brex | Strongest card program + spend controls; cash account secondary |
| Heavy intl payroll / vendors | Wise Business | Mid-market FX and multi-currency accounts at near-cost |
| Yield-only on idle cash, $5M+ | Meow | T-bill ladder structure, customizable maturity; not a checking account |
FAQ
- Is the yield FDIC-insured?
- Mercury Treasury and Brex Cash sweep balances across partner banks for higher FDIC coverage but the yield-bearing portion is typically money market funds (not FDIC). Meow holds direct T-bills - government-backed but not FDIC. Read each provider's disclosure.
- Can I use multiple accounts?
- Yes, and most Series B+ startups do: Mercury for ops, Meow for yield ladder, Wise for intl. Pick a primary; layer in others.
- What about Treasury Prime / Modern Treasury?
- Both are infrastructure (you build on top), not end-user accounts. Different category.
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