Mercury has applied for a national bank charter with the OCC and for federal deposit insurance with the Federal Deposit Insurance Corporation (FDIC).
This initiative supports the fintech’s long-term investment in creating a financial foundation for companies and individuals seeking banking solutions that offer software for speed and efficiency, and the stability of a regulated institution. The next step in the company’s strategy to offer different banking services is a charter, making Mercury present as a single platform that supports users in accomplishing more with their money.
Mercury’s journey to becoming a bank
The company believes that operating under FIDC regulatory oversight and developing new products responsibly will strengthen client trust and improve their experiences. A charter will deliver greater stability while further defining its operations as different banking solutions. The applications reflect the company’s goal to open and operate a national bank, working closely with its partner banks to build new services, improve customer experience, and lay a future-proof foundation.
Mercury also announced the appointment of a new Chief Banking Officer and proposed CEO and President of its bank, subject to regulatory approval, reflecting its strategy to unify its software-first approach with banking and regulatory expertise.
Currently, Mercury oversees 200,000 companies across multiple industries, including fintechs, startups, capital firms, and ecommerce companies. With three years of GAAP profitability and a successful model in fintech, a bank charter is the next step toward Mercury’s journey to build a financial institution designed to last and support its customers’ growth.
The company believes that fintechs are key to how SMEs and entrepreneurs access the financial ecosystem. Its strategy to seek a national bank charter reflects how development and oversight can complement each other to strengthen confidence in the system and expand across tech-driven banking. As part of the move, Mercury Technologies plans to apply for the Board of Governors of the Federal Reserve System and become a financial holding company. IF approved, the proposed Mercury Bank will be formed as a wholly owned subsidiary of Mercury Technologies and headquartered in Utah, USA.
