Mercury

Partner, Corporate & Commercial

Concept

Mercury — US fintech founded in 2019 in San Francisco as a banking platform for startups. Services200,000+ companies, including most Y Combinator cohorts and US venture startups. Deposits covered byFDICup to$250,000 per partner bank; through Mercury Vault sweep — up to$5Mtotal coverage. In April 2026 Mercury receivedconditional 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 layer. In May 2026 closedSeries D round of $200M at $5.2B valuation.

Regulation

Fintech layered on national banks

Mercury — stillnot a bank, but a fintech interface layered 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 EMIs 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 layer. 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

Availablefor 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 throughprivate.law

1. US LLC registration(if needed). Through Stripe Atlas or doola — Delaware C-Corp or Wyoming LLC. Obtaining EIN. 1–3 weeks.
2. Package preparation.Certificate of Incorporation, EIN, operating agreement, founder passports, business description. 1–2 business days.
3. Submission through partner channel.
4. KYC review.3–7 business days for US LLC with US founder; 2–3 weeks for non-US founder.
5. 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

Related topics

• Neobanks
• US LLC: registration for non-residents
• Wise Business
• Airwallex
• Aspire
• Payoneer
• Statrys
• CFC

Contact information

If you have questions or require consultation, our experts will be happy to help.

Private.lawAttorneys

Material prepared for public information and free to copy.

We specialize in solving complex legal matters for demanding clients.