Mercury submits US national bank charter application to OCC
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Mercury submits US national bank charter application to OCC. Mercury co-founder and CEO Immad Akhund says that becoming an FDIC-insured national bank "aligns with our long-term vision and will allow Mercury to deliver a better customer experience at scale". US-based business banking fintech Mercury has applied for a national bank charter from the Office of the Comptroller of the Currency (OCC) and for federal deposit insurance with the Federal Deposit Insurance Corporation (FDIC). Alongside these applications, Mercury Technologies Inc. (MTI) will also apply to the Board of Governors of the Federal Reserve System to become a financial holding company. If approved, the newly proposed Mercury Bank would become the company's banking subsidiary. Founded in 2017 by Immad Akhund, Jason Zhang, and Max Tagher, Mercury launched in 2019 to provide entrepreneurs with banking services including business accounts, cards, payments, and invoicing tools. To date, Mercury has been able to achieve this through a mix of partnerships with banks, regulated third-parties, and its own licences. Its banking services are currently provided by Choice Financial Group and Column, while its IO Card offering is issued by Patriot Bank. In 2024, Mercury launched new financial software to enable businesses to pay bills, send invoices, automate accounting, and manage employee expenses. At the same time...
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