Mercury (company)

Mercury is an American fintech company that provides banking services to early stage start-up companies. The company is not a bank, but works with banking service providers to provide bank accounts and other financial services. The company was founded in 2017 in San Francisco, California.

History
Mercury was founded in 2017 by Immad Akhund, Max Tagher, and Jason Zhang. Mercury's business bank launched in 2019. In March 2022, the company began offering venture debt services to its customers. In September 2022, the company launched a corporate charge card.

The company reportedly gained a significant number of new customers and deposits in the wake of the March 2023 Silicon Valley Bank failure.

In June 2024, one of Mercury's partner banks, Evolve Bank & Trust, suffered a major data breach that included account numbers and deposit balances for Mercury accounts. The ransomware group LockBit took credit for the attack.

Business
Mercury offers banking services to customers, primarily early-stage startups.

The company is not a chartered bank, and is therefore unable to 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. This network gives customers access to a sweep network of other banks such as Goldman Sachs and Capital One. 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.

The company provides a corporate credit card called Mercury IO.

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