California-based fintech Mercury recently submitted an application with the Office of the Comptroller of the Currency for a national bank charter and applied for federal deposit insurance with the Federal Deposit Insurance Corporation (FDIC).
“Becoming an FDIC-insured national bank aligns with our long-term vision and will allow Mercury to deliver a better customer experience at scale,” Immad Akhund, Mercury co-founder and CEO, said. “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.”
Receiving a charter would mean Mercury would operate under direct regulatory oversight and would help strengthen customers’ trust. This month’s filings are the first steps to opening and operating a national bank.
Mercury Technologies will apply to the Federal Reserve System board of governors to become a financial holding company. If approved, the proposed Mercury Bank, N.A. would be headquartered in Utah and a wholly-owned Mercury Technologies subsidiary.
Mercury launched in 2019 with access to checking and savings accounts through FDIC-insured partner banks. The company introduced financial software that helps businesses pay bills, send invoices, automate accounting, and manage employee expenses in 2024 and expanded its bank-sponsored offerings into consumer banking.