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

Mercury is a fintech 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]

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, 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]

Customers can also use a corporate credit card called Mercury IO.[10]

The company also operates Mercury Raise, a service connecting customers with investors.[11]

References

  1. 1 2 3 4 5 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. 1 2 Azevedo, Mary Ann (July 7, 2023). "SVB's collapse drove 26K customers to Mercury in 4 months". Techcrunch. Retrieved July 20, 2023.
  3. 1 2 Kauflin, Jeff (March 15, 2023). "Silicon Valley Bank Collapse Produces An Early Winner: Digital Banks". Forbes. Retrieved July 20, 2023.
  4. 1 2 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. 1 2 Brewster, Lucy (May 11, 2023). "Mercury has attracted depositors after SVB fell. But can it keep them". Fortune. Retrieved July 22, 2023.
  10. ↑ Mason, Emily. "Mercury Launches Corporate Charge Card, Entering Crowded Fintech Field That Includes Brex And Ramp". Forbes.
  11. ↑ Clifford, Catherine (May 16, 2021). "How this 28-year-old is giving unbanked families in Mexico access to solar hot water heaters, washing machines, refrigerators". CNBC.
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