Concept
Mercury — US fintech founded in 2019 in San Francisco as a banking platform for startups. Services 200,000+ companies, including most Y Combinator cohorts and US venture startups. Deposits covered by FDIC up to $250,000 per partner bank; through Mercury Vault sweep — up to $5M total coverage. In April 2026 Mercury received conditional OCC approval for its own national banking charter Mercury Bank, N.A. — after full approval the company will become a direct US bank, not a fintech front end. In May 2026 closed Series D round of $200M at $5.2B valuation.
Regulation
Fintech built on national banks
Mercury — still not a bank, but a fintech interface built on partner banks with US national charters: Choice Financial Group, Column N.A., Patriot Bank N.A. Evolve Bank & Trust removed from partner network in March 2025 after regulatory events around that bank. Client formally opens account at these banks, deposits covered by FDIC up to $250,000 per banking partner.
This fundamentally distinguishes Mercury from neobanks like Wise or Airwallex: funds sit not in safeguarded funds under 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
In April 2026 OCC issued conditional approval for national banking charter Mercury Bank, N.A. This is the culmination of years of work — Mercury gets the right to operate as a chartered bank instead of a fintech front end. Full OCC approval expected within 18 months, after which:
- 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.
FDIC, OCC and OFAC framework
As a banking product through FDIC-insured partners Mercury falls under full OCC, FDIC and OFAC (sanctions) oversight. This is significant: Mercury has no European path for Russian clients even through residence permit structures, because OFAC reach is stronger than EU sanctions when banking funds.
Russian clients
Products
USD business account
USD with full access to US ACH, Wire, FedNow through partner banks. No monthly fee, no minimum balance.
International transfers
Available for US companies only. SWIFT to 200+ countries, FX at mid-market + disclosed margin.
Mercury Cards (Visa)
Credit (IO Mastercard) and debit cards. Mercury IO Mastercard — 1.5% cashback on all purchases.
Mercury Treasury
Placement of balances in US Treasuries and Vanguard money market funds through Apex Clearing. SIPC protection (not FDIC). Yield around 4–4.5% (USD, April 2026).
Mercury Vault
Sweep system distributing balance across multiple partner banks for total FDIC coverage up to $5M. After Silicon Valley Bank crisis 2023 this became key product for startups with large cash runway.
Mercury Raise
Community and community tools for venture fundraising.
API
Batch payments and integrations with QuickBooks, Xero, Brex and others.
Accepted jurisdictions
USA (all states), American Samoa, Bahamas, Bermuda, BVI, Cayman Islands, Guam, Jersey, Northern Mariana Islands, Puerto Rico, Singapore, U.S. Virgin Islands, U.S. Outlying Islands, UAE. Companies outside list — rejection. Classic profile — US LLC in Delaware, Wyoming or Florida.
Use cases
- Startup in Y Combinator / 500 / Techstars. Delaware C-Corp with venture money from US VC. Mercury — default choice in SF/NYC startup ecosystem. FDIC coverage up to $5M sweep especially important after SVB collapse 2023.
- US LLC of non-resident founder. Non-resident registers LLC through Stripe Atlas or doola, obtains EIN, submits application. SSN not required — ITIN or foreign passport accepted. Mercury — one of few banking solutions actually opening for non-US founder without physical presence.
- E-commerce / SaaS with US clients. Stripe acceptance, ACH payments, subscriptions. Mercury accepts revenue from Stripe to ACH details instantly. API — reconciliation with QuickBooks.
- SG Pte. Ltd. or UAE company with USD operations. Mercury expanded to SG and UAE in 2024–2025. For SG/UAE company with USD revenue and founders outside US — way to access US banking infrastructure.
Setup through private.law
- US LLC registration (if needed). Through Stripe Atlas or doola — Delaware C-Corp or Wyoming LLC. Obtaining EIN. 1–3 weeks.
- Package preparation. Certificate of Incorporation, EIN, operating agreement, founder passports, business description. 1–2 business days.
- Submission through partner channel.
- KYC review. 3–7 business days for US LLC with US founder; 2–3 weeks for non-US founder.
- Activation. ACH and Wire details, virtual debit cards.
Total timeline for existing US LLC — 5–7 business days. From scratch (including LLC registration) — 3–5 weeks.
Q/A
Can a non-resident open a Mercury account?
Yes — for a company from an accepted jurisdiction, most commonly a US LLC or Delaware C-Corp opened via Stripe Atlas or doola. SSN is not required (ITIN or foreign passport accepted) and there is no physical-presence requirement; KYC for a non-US founder takes 2–3 weeks. Mercury does not serve individuals or companies outside its jurisdiction list, and OFAC screening excludes UBOs resident in Russia with Russia-linked business.
What's needed for application?
Certificate of Incorporation, EIN, operating agreement, founder passports, business description, US connection (clients, market, investors) — any US ties simplify KYC.
SSN mandatory?
No. ITIN or foreign passport accepted. This makes Mercury accessible for non-US founders without physical presence.
How does Mercury differ from Brex?
Brex from 2024 exited small-startup segment toward enterprise. Mercury remains accessible for seed stage and non-resident founders. Brex stronger in expense management; Mercury — in banking and treasury.
What does Mercury Bank, N.A. deliver?
After full OCC approval Mercury becomes direct US bank: simplified onboarding, own credit products appear, dependence on partner banks disappears. Until end 2026 — fintech regime through Choice / Column / Patriot.
Accepts Russians?
Residents of Russia with active business in Russia — rejection. UBO with EU / UK / UAE / SG residency and without Russian flows — possible.
Who won't fit?
EU / UK companies without US connections (Mercury doesn't support EUR / GBP operations for them — need Wise or Equals Money). Acquiring — not an acquirer, need Stripe. Complex FX operations — weaker than Wise and Airwallex. Trade finance, L/C, bank guarantees — no. Crypto, gambling, adult, weapons — prohibited.
📎 Need the full picture? Request our banks comparison file (thresholds, compliance, timelines by jurisdiction) via the form below — we email it the same day.
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