Mercury has applied for a national bank charter with the Office of the Comptroller of the Currency (OCC) and is seeking federal deposit insurance from the Federal Deposit Insurance Corporation (FDIC).
This step in their strategic plan aims to establish Mercury as a regulated financial institution, offering banking solutions that combine software for speed and efficiency with the stability of regulatory oversight. Achieving this charter will allow Mercury to present itself as a comprehensive platform, enabling users to manage their finances more effectively.
Mercury’s Pathway to Becoming a Bank
Mercury believes that operating under FDIC regulation and developing new products responsibly will enhance client trust and improve the overall user experience. The application for a charter marks Mercury’s commitment to providing a stable, future-proof banking solution by working closely with partner banks to innovate and enhance customer experiences.
In addition to its banking aspirations, Mercury has appointed a Chief Banking Officer and proposed CEO/President for its bank, subject to regulatory approval. This move aligns with their strategy of integrating fintech expertise with traditional banking knowledge.
Mercury currently serves over 200,000 companies in various sectors such as fintech, startups, capital firms, and ecommerce businesses. With a successful three-year GAAP profitability track record, obtaining a national bank charter represents the next phase of their journey to create a lasting financial institution that supports business growth.
Mercury’s strategy reflects its belief that fintech plays a crucial role in helping small and medium-sized enterprises (SMEs) and entrepreneurs gain access to the financial system. The application for a national bank charter underscores how regulation can complement technological development, fostering confidence and expansion within tech-driven banking. If approved, Mercury Technologies plans to seek approval from the Board of Governors of the Federal Reserve System and will become a financial holding company with its proposed Mercury Bank headquartered in Utah, USA.
