Mercury recently submitted an application to the Office of the Comptroller of the Currency (OCC) for a national bank charter and applied for federal deposit insurance with the Federal Deposit Insurance Corporation (FDIC). This move solidifies its goal to become the definitive Bank for Builders. The company currently serves over 200,000 startups and growing businesses. If approved, the charter would allow Mercury to transition from a fintech to a bank. This change allows the firm to hold deposits directly. It also enables them to offer more integrated financial products. The company aims to simplify complex banking for modern entrepreneurs.
Strategic Shift to Direct Banking Services
Furthermore, this independence reduces reliance on third-party partner banks. This structure could support greater control over its banking operations. A national charter would place Mercury under direct OCC and FDIC oversight. This is a major milestone for the San Francisco-based company. They continue to focus on the needs of tech-forward companies.
“Becoming an FDIC-insured national bank aligns with our long-term vision and will allow Mercury to deliver a better customer experience at scale,” said Immad Akhund, co-founder and CEO of Mercury. “We’ve built Mercury for ambitious companies and individuals. Once we receive regulatory approval, a charter will let us deliver greater stability, long-term confidence, and trust, while continuing to redefine what radically different banking means.”
“Few fintechs have reached the level of financial strength and operational discipline to pursue a charter at this scale,” said Auxier. “Mercury is profitable and has built a strong balance sheet with a scaled and successful business. Becoming a bank will build upon our strong foundation and let us innovate with more precision and accountability.”
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News Source: Businesswire.com
