Concept
Mercury is a US fintech company started in 2017 as a banking platform for startups (Mercury, May 2026); it reports more than 300,000 customers. Mercury is not itself a bank: deposits are held at its partner banks, Choice Financial Group and Column N.A., Members FDIC, and are FDIC-insured up to $250,000 per partner bank; through the partner banks' sweep networks eligible deposits can be covered up to $5M. On 24 April 2026 the OCC granted preliminary conditional approval for its own national bank, Mercury Bank, N.A.; once that bank opens, Mercury will be a bank rather than a fintech front end. In May 2026 Mercury announced a $200M Series D at a $5.2B valuation, led by TCV.
Regulation
Fintech built on partner banks
Mercury is still not a bank but a fintech interface built on partner banks: Choice Financial Group, a North Dakota state bank supervised by the FDIC, and Column N.A., a national bank supervised by the OCC (FDIC BankFind). The IO credit card is issued by Patriot Bank, N.A. The client's deposits sit at the partner banks and are covered by FDIC up to $250,000 per banking partner.
This fundamentally distinguishes Mercury from EMIs like Wise or Airwallex: funds sit not in safeguarded funds under an FCA-type regime, but directly in FDIC-insured bank balances. At the individual account level this is stronger protection.
Mercury Bank, N.A.: transition to own charter
On 24 April 2026 the OCC issued a preliminary conditional approval for the national banking charter Mercury Bank, N.A. — Corporate Decision #1372. It is not yet authority to commence banking business: under the decision the capital must be raised within 12 months and the bank must open for business within 18 months of the preliminary conditional approval date, or the approval expires; at least 60 days before opening the bank files notice with the OCC. The outside date for opening is 24 October 2027. On 8 September 2026 the FDIC approved federal deposit insurance for the proposed bank (FDIC order), subject to conditions including initial paid-in capital of at least $300 million; the insurance becomes effective only after all final approvals and the consent expires if it has not taken effect within one year. Once the bank opens:
- Mercury becomes a direct FDIC-insured bank;
- onboarding simplified (no need to work through KYC filters of partner banks);
- possibility of own credit products without partner banks.
This is strategically important: Mercury competes with traditional business banks (Chase, BoA, Wells Fargo) in the US startup segment, and a national charter gives it regulatory parity. Grasshopper took that road earlier: Grasshopper Bank, N.A. is a digital bank with its own OCC national charter, opened in May 2019.
FDIC, OCC and OFAC framework
Mercury’s country-of-residence policy and applicable sanctions are separate checks. Its Terms of Use, section 1.4, prohibit use for the benefit of anyone on the OFAC Specially Designated Nationals List or other US lists of prohibited or restricted parties. A residence permit or second passport does not remove these restrictions or guarantee account approval.
Residence, citizenship and eligibility
Products
USD business account
USD account with US ACH and wire payments through the partner banks. According to Mercury's pricing, business banking has no minimum balance, overdraft fees, required monthly fees or account opening fees; certain features, such as mass API payments, may incur fees.
Mercury Cards (Mastercard)
Credit (IO Mastercard) and debit cards — both lines are issued on the Mastercard network. The IO Mastercard, issued by Patriot Bank, N.A., pays 1.5% cashback on all spend.
Mercury Treasury
Mercury Treasury invests balances through an account held in the client's name at Apex Clearing Corp, a FINRA-regulated broker-dealer. It is covered by SIPC, not FDIC, and is available to customers with balances over $250,000.
Sweep coverage
Mercury distributes eligible balances across its partner banks' sweep networks for total FDIC coverage of up to $5M — relevant for startups holding a large cash runway.
API and integrations
Payments API and accounting integrations; paid plans add, among other things, NetSuite accounting automations.
Accepted jurisdictions
Under Mercury’s published standard business eligibility, the company must be formed and registered in the United States or a U.S. territory and have existing or planned U.S. operations. International founders are permitted, subject to the residence policy and application review. Section 1.1 of the Terms also allows jurisdictions specifically authorized by Mercury or its banking providers; this does not establish general eligibility for Singapore- or UAE-incorporated companies.
Use cases
- Startup in Y Combinator / 500 / Techstars. Delaware C-Corp with venture money from US VC. FDIC coverage up to $5M through the sweep networks matters for companies holding large cash balances.
- US LLC of non-resident founder. Non-resident registers LLC through Stripe Atlas or doola, obtains EIN, submits application. International applicants may provide a passport for identity verification under Mercury’s document requirements, and Mercury's FAQ confirms that founders need not be physically in the United States or US residents.
- E-commerce / SaaS with US clients. Stripe acceptance, ACH payments, subscriptions; the API supports reconciliation with accounting software.
- U.S. company with an international founder. A founder living in Singapore or the UAE may apply for an eligible U.S. company with existing or planned U.S. operations. The founder’s location is distinct from the company’s place of incorporation; neither location nor USD revenue guarantees approval.
Q/A
Eligibility and documents
Can a non-resident open a Mercury account?
An international founder may apply for an eligible business account without being a U.S. citizen or resident. Under the published standard route, the company must meet the business requirements, including U.S. or U.S.-territory registration and existing or planned U.S. operations. Residence restrictions and individual review still apply. This article concerns business accounts; Mercury Personal is a separate product with its own eligibility requirements.
What's needed for application?
The state-filed formation document, the IRS EIN document (CP575, 147c or the returned SS-4), an ID for every owner with at least 25% and for one person with operating control, a business description, the source of funds and details of existing or planned U.S. operations. Mercury may request supporting documents; a U.S. connection is an eligibility requirement, not merely a way to simplify KYC.
SSN mandatory?
Mercury’s published document requirements allow international applicants for a business account to provide a passport for identity verification; the company needs its own EIN. Mercury Personal has separate requirements, including an SSN, and does not accept an ITIN instead.
Accepts Russians?
Russian citizenship alone is not the deciding factor. Mercury’s prohibited-country policy uses residence: founders living in Russia are excluded, while a Russian citizen living in a permitted country may be considered for an otherwise eligible business account. Approval is not guaranteed; sanctions and other checks remain applicable.
Charter and fit
What does Mercury Bank, N.A. deliver?
Once the OCC grants final approval and the bank opens, Mercury becomes a direct US bank: simplified onboarding, own credit products, no dependence on partner banks. Until the bank opens the fintech regime through Choice Financial Group and Column N.A. continues; under the OCC conditions it must open no later than 24 October 2027.
Who won't fit?
A company incorporated outside the United States or a U.S. territory does not meet the published standard incorporation requirement; any specifically authorized exception must be confirmed with Mercury. Acquiring — not an acquirer, need Stripe. Complex FX operations — weaker than Wise and Airwallex. The eligibility policy excludes money services businesses and crypto exchanges, adult entertainment, cannabis, internet gambling and trusts; it does not impose a blanket exclusion on all crypto or Web3 businesses.