Fintech Mercury Announces Expansion into Consumer Banking

Mercury, the fintech that is said to be used “over 100,000” startups for banking, announced its expansion into consumer banking with the launch of Mercury Personal, which is described as a powerful personal banking experience designed with the best of today’s technology to help builders in tech optimize their money.

Like Mercury for business, Mercury Personal reportedly “delivers an intuitive product experience designed to simplify and improve banking tasks.”

Mercury Personal customers can “set auto-transfer rules to move money between accounts, give access to additional users and customize permissions for each, issue multiple debit cards with custom spending limits, and access up to $5M in FDIC insurance through our partner bank and its sweep network.”

Mercury Personal customers can also earn a competitive 5.00% APY “on high-yield savings accounts.”

Immad Akhund, co-founder and CEO of Mercury said:

“As we celebrate the fifth anniversary of Mercury’s launch, introducing Mercury Personal marks not just our expansion into consumer banking, but a step forward in growing our relationships with the founders and tech leaders we serve. By offering personal banking* for founders and investors, we’re able to deepen our relationship with them. Mercury Personal is a strategic move toward helping people and businesses operate at their best. This is our next step in building a generational company that innovates, supports, and grows alongside the most ambitious companies and individuals.”

Alexey Likuev, Head of Personal Banking at Mercury said:

“Many founders and investors are not happy with their bank accounts today and often need to switch between several platforms to access a full suite of services. There is a paradox in today’s banking landscape: most neobanks focus on a pretty basic offering aimed at lower-income individuals and the underbanked. On the other side of the spectrum, traditional banks offer private banking and wealth management services that involve regularly talking to a banker, even if it involves basic tasks like sending a wire. Most founders are just looking for a powerful self-service banking option they can use for their personal needs. And that is where Mercury Personal comes in.”

Mercury Personal is designed and engineered “for entrepreneurs, investors, and builders who want a self-serve banking option and a high-quality product experience to optimize their personal finances.”

Shane Mac, a multi-time founder and the mind behind XMTP, who was an early beta tester of Mercury Personal said:

“I’ve been eagerly waiting for Mercury to launch a product like Mercury Personal, and it has surpassed my expectations. My experience with traditional banks has left me underwhelmed. It is difficult to do simple things and I get charged for regular tasks like domestic bank wires and ATM withdrawals. Mercury Personal has already seamlessly integrated into my life. It is nothing short of revolutionary for consumer banking, which has long felt disconnected from the tech sector’s pace and innovation. It has the seemingly simple and magical features that have always set Mercury above the rest.”

Mercury Personal will launch with “a $240 annual subscription, providing customers with unlimited access to features such as a high-yield savings account, no-fee domestic wires and ACH transfers, customizable debit card limits, worldwide ATM fee reimbursements, and more.”

There are no minimum balances, confusing fee schedules, or surprises.

Interested individuals can “join the waitlist now with general availability for U.S. customers coming later this year.”

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