Mercury announced they have submitted an application to the Office of the Comptroller of the Currency (OCC) for a national bank charter and applied for federal deposit insurance with the Federal Deposit Insurance Corporation (FDIC). The applications mark a milestone in their evolution and a long-term investment in building a “financial foundation for ambitious companies and individuals.”
A charter is the next step in their pursuit of different banking — “combining powerful software built for precision and speed with the strength and stability of a regulated institution.”
Mercury at a glance (as of November 2025):
- 200,000+ customers
- $650M in annualized revenue
- 3 years of GAAP profitability
- 1 in 3 U.S. startups use Mercury.
A charter will extend what “makes them distinct: a single platform that helps you accomplish everything you want with your money.”
Operating under direct regulatory oversight, and innovating with the discipline required of a national bank, will strengthen “the trust they’ve already built with customers.”
These filings are the start of their official “engagement with regulators to open and operate a national bank.”
For customers, nothing changes today.
They will continue working with partner banks while “building new products, improving the experience, and laying the groundwork for the future.”
They also announced the appointment of Jon Auxier as Chief Banking Officer of Mercury and the “proposed CEO and President of Mercury Bank, subject to approval of our applications.”
His appointment reflects their strategy to “pair their software-first DNA with deep banking and regulatory expertise.”
Mercury was founded in 2017 to deliver a “fundamentally different way of banking.”
Frustrated by the complexity founders faced in accessing banking, their co-founders Immad Akhund, Jason Zhang, and Max Tagher built Mercury on the belief “that banking should do more than just safely hold money — it should actively help entrepreneurs accomplish what they want with it.”
Since launching in 2019 with access to checking and savings accounts through FDIC-insured partner banks, they “have expanded our product lineup to include investment accounts3, a business charge card, international wires, and lending, through our bank partners, other regulated third parties, and our own licenses.”
From the beginning, they have “applied software and design innovation to every part of that experience — from how you move and manage money to how you gain visibility and insight into your finances.”
In 2024, they extended that same design-led approach “beyond core banking, introducing financial software that helps businesses pay bills, send invoices, automate accounting, and manage employee expenses.”
That same year, the company expanded its bank-sponsored “offerings into consumer banking with the launch of Mercury Personal.”
Today, they serve companies across industries — from startups to venture capital firms, ecommerce companies, and “a range of small businesses — who rely on Mercury so you can do everything you need to do with your money.”
With three years of GAAP profitability, a bank charter is “the next step toward our journey to build a financial institution designed to last for generations.”
As part of the process, Mercury Technologies, Inc. (MTI) will apply to the Board of Governors of the Federal Reserve System to “become a financial holding company.”
Upon approval, proposed Mercury Bank, N.A. would be formed as “a wholly owned subsidiary of MTI and headquartered in Utah, a hub for digital-forward banking.”