Mercury’s Landmark Move Toward a National Bank Charter
Mercury, the fintech platform known for delivering radically different banking experiences to ambitious companies and individuals, has reached a defining moment in its evolution by submitting an application to the Office of the Comptroller of the Currency for a national bank charter and applying for federal deposit insurance with the Federal Deposit Insurance Corporation. This strategic step represents far more than a regulatory milestone; it signals Mercury’s long-term commitment to building a deeply trusted, enduring financial institution that combines the speed, clarity, and precision of modern software with the stability, rigor, and accountability of a regulated national bank. By formally initiating the charter process, Mercury is investing in the infrastructure required to serve its growing customer base at scale while reinforcing its foundational promise to rethink what banking can and should be for builders, founders, and ambitious individuals.
A Strategic Investment in Trust, Stability, and Scale
The decision to pursue a national bank charter reflects Mercury’s belief that trust is the cornerstone of modern financial services. As the company has grown to serve more than 200,000 customers and reached significant financial milestones, including $650 million in annualized revenue and three consecutive years of GAAP profitability, the next logical step has been to strengthen its regulatory footing. A charter would place Mercury under direct federal oversight, embedding regulatory discipline into its operating model and allowing the company to innovate within a framework designed to protect customers and the broader financial system. This approach underscores Mercury’s conviction that innovation and regulation are not opposing forces but complementary pillars that, when aligned, can produce more resilient and customer-centric banking experiences.
Radically Different Banking, Reinforced by Regulation
From its earliest days, Mercury has pursued a vision of radically different banking, one that does not simply digitize legacy systems but reimagines them entirely. The pursuit of a national bank charter is a natural extension of that vision. Rather than relying exclusively on partner banks to deliver core services, Mercury aims to integrate the strengths of a regulated institution directly into its platform. This would allow the company to design products and experiences with greater cohesion, accountability, and long-term confidence, while continuing to leverage its software-first DNA. Operating as a national bank would enable Mercury to align product development, risk management, and compliance more closely, ensuring that innovation proceeds with the discipline required of institutions entrusted with safeguarding customer funds.
Mercury at a Glance and the Strength Behind the Application
As of November 2025, Mercury’s scale and performance illustrate why the company believes it is ready to pursue a charter. With more than 200,000 customers, $650 million in annualized revenue, and three years of GAAP profitability, Mercury has demonstrated financial resilience in a sector where many fintechs struggle to achieve sustainable economics. Notably, one in three U.S. startups already uses Mercury, highlighting its deep penetration within the entrepreneurial ecosystem. These metrics are not merely indicators of growth; they reflect operational discipline, strong balance sheet management, and a business model capable of supporting the responsibilities that come with becoming a regulated bank.
Enhancing the Single-Platform Experience
One of Mercury’s defining characteristics is its commitment to offering a single, unified platform that allows customers to accomplish everything they want with their money. A national bank charter would enhance this model by enabling Mercury to bring more services under one regulatory umbrella. Customers would benefit from greater transparency, consistency, and trust, knowing that their banking experience is supported by direct oversight from federal regulators. The charter would also allow Mercury to innovate with greater precision, integrating compliance and risk management considerations directly into product design rather than layering them on after the fact. This approach strengthens the company’s ability to deliver seamless financial workflows without sacrificing safety or reliability.
Leadership Perspective on the Charter Journey
Mercury’s leadership has consistently emphasized that the pursuit of a charter is aligned with a long-term vision rather than a short-term tactical move. Co-founder and CEO Immad Akhund has articulated that becoming an FDIC-insured national bank would enable Mercury to deliver a better customer experience at scale while reinforcing stability and trust. According to Akhund, Mercury was built for ambitious companies and individuals who require not only innovative tools but also confidence that their financial partner will endure through market cycles. Regulatory approval of a charter would allow Mercury to deepen that trust, offering customers greater assurance while continuing to redefine what radically different banking means in practice.
What Customers Can Expect During the Process
While the charter applications mark the beginning of Mercury’s official engagement with regulators, the company has emphasized that nothing changes for customers in the near term. Mercury will continue to operate as it does today, working closely with its partner banks to deliver existing products and services. Customers can expect continuity, stability, and ongoing product improvements as Mercury builds the foundation for its future as a national bank. This measured approach reflects Mercury’s commitment to maintaining service quality and reliability while navigating a complex regulatory process that prioritizes thoroughness and prudence.
Strengthening the Leadership Team with Banking Expertise
In conjunction with its charter applications, Mercury announced the appointment of Jon Auxier as Chief Banking Officer and the proposed CEO and President of Mercury Bank, subject to regulatory approval. This leadership addition reflects Mercury’s strategy of pairing its software-driven culture with deep expertise in banking and regulation. Auxier brings a proven track record of navigating highly regulated environments and driving transformation at scale. His experience includes serving as Chief Financial Officer of SoFi Bank and Corporate Treasurer of SoFi Technologies, where he played a key role in securing and implementing a national bank charter. His prior roles at Green Dot, Goldman Sachs, and a global accounting firm further underscore his ability to bridge innovation and regulatory rigor.
Building with Precision and Accountability
Auxier’s perspective reinforces the idea that only a small number of fintechs have reached the level of financial strength and operational discipline required to pursue a charter at this scale. Mercury’s profitability, strong balance sheet, and proven business model position it well to take on the responsibilities of a regulated bank. According to Auxier, becoming a bank will allow Mercury to build upon its solid foundation while innovating with greater accountability. This mindset reflects a broader industry shift in which successful fintechs recognize that long-term impact depends on aligning growth with robust governance and risk management frameworks.
The Origins of Mercury and Its Founding Vision
Mercury was founded in 2017 by Immad Akhund, Jason Zhang, and Max Tagher, driven by a shared frustration with the barriers founders faced when interacting with traditional banks. The founders believed that banking should do more than simply hold money safely; it should actively empower entrepreneurs to build, scale, and succeed. This philosophy guided Mercury’s early development and continues to shape its product strategy. By focusing on clarity, speed, and usability, Mercury sought to eliminate the friction that often distracts founders from their core missions.
From Partner Banking to a Comprehensive Financial Platform
Since launching in 2019, Mercury has steadily expanded its offerings through partnerships with FDIC-insured banks and other regulated entities. Initially providing access to checking and savings accounts, the platform has grown to include investment accounts, a business charge card, international wires, and lending products. Each expansion has been guided by the same design-led approach, emphasizing intuitive workflows and real-time visibility into financial activity. Mercury’s focus on applying software innovation to every aspect of banking has differentiated it from both traditional banks and many fintech peers.
Extending Innovation Beyond Core Banking
In 2024, Mercury extended its design philosophy beyond core banking by introducing financial software tools that help businesses pay bills, send invoices, automate accounting, and manage employee expenses. These capabilities reflect Mercury’s understanding that modern businesses require integrated solutions rather than fragmented tools. By embedding financial management directly into the banking experience, Mercury has positioned itself as a central operating platform for ambitious companies. That same year, the company expanded into consumer banking with the launch of Mercury Personal, further broadening its reach while maintaining a consistent user experience across business and personal finances.
Serving a Diverse and Growing Customer Base
Today, Mercury serves more than 200,000 companies across a wide range of industries, including startups, venture capital firms, ecommerce businesses, and small enterprises. This diverse customer base relies on Mercury to manage complex financial needs efficiently and transparently. The platform’s success is reflected not only in its scale but also in its ability to adapt to the evolving requirements of modern businesses. As customers grow and their financial needs become more sophisticated, Mercury has consistently expanded its capabilities to meet them.
A Bank Designed to Last for Generations
With a track record of profitability and operational excellence, Mercury views a national bank charter as a step toward building a financial institution designed to endure for generations. Unlike models that prioritize rapid expansion without sustainable economics, Mercury’s approach emphasizes long-term resilience. By embedding regulatory oversight into its core operations, the company aims to create a durable foundation that can support innovation over decades rather than years. This perspective resonates with customers who seek stability alongside modern tools, particularly in an environment marked by economic uncertainty and rapid technological change.
Industry Perspective on Fintech and Oversight
Mercury’s decision to pursue a charter has garnered support from industry leaders who view it as a positive signal for the financial system. Tim Mayopoulos, a member of Mercury’s board and former CEO of Fannie Mae, has noted that fintechs have become essential to how small businesses and entrepreneurs access financial services. According to Mayopoulos, Mercury’s move demonstrates that innovation and oversight can reinforce one another, strengthening confidence in the system while expanding access to technology-driven banking solutions. This perspective highlights the broader implications of Mercury’s strategy for the future of financial services.
The Regulatory Path Ahead
As part of the charter process, Mercury Technologies, Inc. will apply to the Board of Governors of the Federal Reserve System to become a financial holding company. Upon approval, the proposed Mercury Bank, N.A. would be formed as a wholly owned subsidiary and headquartered in Utah, a state recognized for its concentration of digital-forward banking institutions and financial talent. This location aligns with Mercury’s emphasis on innovation while providing access to a regulatory environment experienced in overseeing modern banking models.
Laying the Groundwork for the Future
The charter application process represents the beginning of a multi-year journey that will require close collaboration with regulators, continued investment in compliance infrastructure, and sustained operational discipline. Throughout this period, Mercury remains focused on serving its customers, enhancing its platform, and building products that reflect both innovation and responsibility. By taking this step deliberately and transparently, Mercury is signaling its readiness to operate at the highest level of trust within the financial system.
Redefining What Banking Can Be
Ultimately, Mercury’s pursuit of a national bank charter reflects its belief that the future of banking lies in the integration of technology, trust, and accountability. By combining its software-first approach with the stability of a regulated institution, Mercury aims to set a new standard for what customers can expect from their financial partners. This milestone is not an endpoint but a continuation of Mercury’s founding mission to empower builders with tools that are as ambitious as they are, supported by a financial foundation built to last.
About Mercury
Mercury offers radically different banking*. Unlike traditional banking that simply holds money, Mercury merges banking with software built for precision and speed to help entrepreneurs accomplish everything they want with their money. With banking, credit cards*, and financial software, Mercury helps more than 200K ambitious companies build great things. To learn more, visit Mercury.com.
*Mercury is a financial technology company, not a bank. Banking services provided through Choice Financial Group and Column N.A., Members FDIC. The IO Card is issued by Patriot Bank, Member FDIC, pursuant to a license from Mastercard®.
**Calculation based on an analysis of US-based companies that received an angel, pre-seed, seed, or Series A investment reported on Crunchbase in the most recent year.
***Mercury investment accounts are offered by Mercury Advisory, LLC, an SEC-registered investment adviser. Mercury Advisory is a wholly-owned subsidiary of Mercury Technologies. This communication does not constitute an offer to sell or the solicitation to buy any security. Investments are subject to investment risks, including possible loss of the principal invested, and past performance is not indicative of future results. View important information at mercury.com/legal.
Investments are not insured by the FDIC, are not deposits or other obligations of Choice Financial Group or Column N.A., and are not guaranteed by Choice Financial Group or Column N.A.
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