Mercury submits US national bank charter application to OCC

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, it also expanded into the consumer banking space, launching Mercury Personal.

In March, the company announced it was valued at $3.5 billion following its Series C funding round, in which it raised $300 million. As of November 2025, Mercury serves more than 200,000 customers and generates $650 million in annualised revenue.

With the fintech gearing up to take its next step in the world of banking, 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”.

Subject to the approval of Mercury’s national bank charter application by the OCC, the fintech has proposed that its newly appointed chief banking officer, Jon Auxier, take on the role of CEO at Mercury Bank. Auxier already has experience in a C-suite role after serving as CFO at SoFi Bank for over two years alongside his role as corporate treasurer of SoFi Technologies.

Source: https://www.fintechfutures.com/