Fintech company Mercury received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish Mercury Bank, N.A.
Mercury Bank will be a national bank that will allow Mercury to deliver banking directly to customers under full federal oversight.
“We applied for this charter because the best founders in the country deserve a bank that was built for them,” Immad Akhund, co-founder and CEO of Mercury, said. “Our customers have been asking for Zelle, for expanded lending, for payment infrastructure we actually control. We couldn’t give them those things without a bank charter. Those gaps have always bothered me. This is how we start closing them.”
Mercury serves more than 300,000 businesses and individuals, generates more than $650 million in annualized revenue, and has maintained four years of GAAP profitability. Further, one in three U.S. startups banks with Mercury, but in 2025, 73 percent of new customers came from outside the tech startup category.
Mercury has spent years engineering a product that helps founders do anything they need to do with money — cards, invoicing, bill pay, spend management, accounting automations, intelligence, and real-time financial insights. The national bank charter is what lets Mercury build the bank it’s always believed was possible.
With the OCC’s conditional approval, Mercury enters the bank organization phase. In this phase, it will work to satisfy remaining requirements and obtain final authorization from the OCC, as well as pending approvals from the FDIC and the Federal Reserve. Throughout this period, customers will continue using Mercury exactly as they do today.
Jon Auxier will serve as CEO and president of Mercury Bank. He previously served as CFO of SoFi Bank and corporate treasurer of SoFi Technologies. Before that he held senior roles at Green Dot, Goldman Sachs, and a global accounting firm.
“The work now is earning trust by building the bank our customers deserve,” Auxier said. “That means the operational infrastructure and risk management discipline to match the standard Mercury’s product has already set.”
Mercury Bank, N.A. will be headquartered in Utah.