Mercury Bank has received conditional approval for a national bank charter by the Office of the Comptroller of the Currency.
In a public statement, Immad Akhund, co-founder and CEO of Mercury, said they applied for a bank charter as founders need a bank that is built for them:
“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.”
With a bank charter in hand, it can choose to move away from its collaboration with already chartered banks like Choice Financial Group and Column.
Mercury is a digital-only bank that offers checking, savings, payments, and other digital tools typically offered by a bank. The bank is on a mission to serve entrepreneurs and startups.
Mercury applied for a bank charter in December 2025, explaining it was executing on a “long-term vision to create a regulated, software-led financial institution for ambitious companies and individuals.”
As of November 2025, Mercury reported over 200,000 customers generating $650 million in revenue.
Mercury boasted that it supported 1 in 3 startups in the US.
During the previous administration, very few new banks were created. As the current administration is supportive of Fintech and innovation in general, there have been multiple applications and approvals for digital-only operations.
Jon Auxier, Chief Banking Officer of Mercury, explained last year:
“Few fintechs have reached the level of financial strength and operational discipline to pursue a charter at this scale. Mercury is profitable and has built a strong balance sheet with a scaled and successful business. Becoming a bank will build upon our strong foundation and let us innovate with more precision and accountability.”