Mercury (company)

Mercury is a financial technology company that provides customers with banking services. The company is not a bank, but works with banking service providers to provide bank accounts and other financial services.[4] The company was founded in 2017 in San Francisco, California.[1]

For other uses, see Mercury.
Mercury
IndustryFinancial technology
Founded2017[1]
FoundersImmad Akhund
Max Tagher
Jason Zhang[2]
Headquarters
San Francisco, California
,
United States
Key people
Immad Akhund (CEO)
Max Tagher (CTO)
Jason Zhang (COO)[2]
ProductsBanking services
Number of employees
470[3] (2023)
Websitemercury.com

History

Mercury was founded in 2017 by Immad Akhund, Max Tagher, and Jason Zhang.[1] Mercury's business bank launched in 2019.[1] In March 2022, the company began offering venture debt services to its customers.[5] In September 2022, the company launched a corporate charge card.[1] In March 2023, Fast Company named Mercury one of the ten most innovative companies in finance.[6] The company is also on Forbes' 2023 Fintech 50 list for private companies.[7] The company reportedly gained a significant number of new customers and deposits in the wake of the March 2023 Silicon Valley Bank failure.[3]

Business

Mercury offers banking services to customers, which are primarily early stage startups.[8] The company is not a chartered bank, and therefore can't lend against deposits. Instead, it partners with regional bank networks to hold customer's deposits. Its main bank partners are North Dakota-based Choice Bank and Tennessee-based Evolve Bank and Trust, which have a network of regional banks.[9] This network gives customers access to a sweep network of other banks such as Goldman Sachs and Capital One.[4] Customer deposits of up to $5 million can be spread out across multiple accounts that are each under the FDIC's $250,000 insurance limit.[9]

References
  1. Mason, Emily (September 12, 2022). "Mercury Launches Corporate Charge Card, Entering Crowded Fintech Field That Includes Brex And Ramp". Forbes. Retrieved July 20, 2023.
  2. Azevedo, Mary Ann (July 7, 2023). "SVB's collapse drove 26K customers to Mercury in 4 months". Techcrunch. Retrieved July 20, 2023.
  3. Kauflin, Jeff (March 15, 2023). "Silicon Valley Bank Collapse Produces An Early Winner: Digital Banks". Forbes. Retrieved July 20, 2023.
  4. Azevedo, Mary Ann (March 13, 2023). "Mercury expands FDIC insurance up to $3M through new Vault product". Techcrunch. Retrieved July 20, 2023.
  5. Loizos, Connie (March 15, 2022). "Startup banking service Mercury jumps into debt lending to take on Silicon Valley Bank". Techcrunch. Retrieved July 22, 2023.
  6. Harris, Ainsley (March 2, 2023). "The 10 most innovative companies in finance of 2023". Fast Company. Retrieved July 22, 2023.
  7. "The Fintech 50 2023". Forbes. June 6, 2023. Retrieved July 22, 2023.
  8. Leffert, Catherine (March 23, 2023). "Mercury and Brex acquired thousands of ex-SVB clients. Will they stay?". American Banker. Retrieved July 22, 2023.
  9. Brewster, Lucy (May 11, 2023). "Mercury has attracted depositors after SVB fell. But can it keep them". Fortune. Retrieved July 22, 2023.
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