Mercury — a prominent U.S. fintech banking platform tailored for startups, small businesses, and ambitious founders — has taken a major step toward becoming a full-fledged regulated bank by submitting its application for a national bank charter with the U.S. Office of the Comptroller of the Currency (OCC). The company has also applied for Federal Deposit Insurance Corporation (FDIC) deposit insurance and plans to seek status as a financial holding company through the Federal Reserve System.
This strategic move marks a significant evolution for Mercury, transitioning from a fintech that relies on partner banks to one that could independently operate under direct regulatory supervision — a leap that could reshape its product suite and enhance trust among its growing base of customers.
Mercury’s Charter Application: What It Involves
Founded in 2017 by Immad Akhund, Jason Zhang, and Max Tagher, and launched in 2019, Mercury has built a digital banking platform designed for modern businesses that blends software-centric workflows with core financial services. The platform supports more than 200,000 customers, including startups, venture-backed companies, and small enterprises, offering business checking and savings accounts, payment tools, cards, invoicing support, and financial automation features.
Until now, Mercury has delivered its banking services through a network of partner banks, such as Choice Financial Group and Column National Association, with its IO Card issued by Patriot Bank. The national bank charter application seeks to shift this model by enabling Mercury to operate as its own regulated bank.
Becoming a national bank would grant Mercury the authority to:
- Accept deposits directly under its own charter
- Hold FDIC insurance for customer deposits
- Expand lending and credit products
- Exercise independent regulatory oversight
- Have greater control over product development, risk, and compliance processes.
The company has also appointed Jon Auxier — a veteran with experience at SoFi Bank, Green Dot, and Goldman Sachs — as Chief Banking Officer and proposed CEO and President of the new bank entity, subject to regulatory approval. Auxier’s background includes helping guide SoFi Bank through its own charter process.
Strategic Significance for Mercury and the Fintech Industry
Mercury’s application arrives at a time when several fintech firms are pursuing regulated banking charters to gain greater operational stability and long-term trust from customers and institutions. By becoming an FDIC-insured national bank, Mercury aims to combine its software-first platform with the assurance that direct regulatory oversight provides — potentially enabling more ambitious product innovation.
Mercury has also diversified its product offerings, including Mercury Personal — a consumer banking product alongside its business-focused stack — and new financial software features for bill payments, invoicing, accounting automation, and expense management. These enhancements demonstrate the company’s pivot toward a broader financial services footprint that a bank charter could further support.
Strategically, the charter pursuit is about more than compliance: it reflects a shift in how fintechs envision their long-term roles. Rather than primarily aggregating products through partnerships, some are opting to internalize regulated banking capabilities to reduce dependency on third parties, strengthen product control, and enhance customer confidence.
Market and Regulatory Context
The OCC has seen a resurgence in applications for national bank charters in 2025, a trend that regulatory leadership describes as closer to historical norms after years of fewer submissions. These filings span a mix of fintech innovators and specialized institutions seeking to combine digital capabilities with regulated infrastructure.
Mercury’s filings also include plans to apply to the Board of Governors of the Federal Reserve System to become a financial holding company — a requirement that would enable greater flexibility in operations and access to broader financial markets and tools.
If approved, Mercury Bank — the proposed regulated banking subsidiary — would signal a new chapter in the company’s evolution and strengthen its position in a competitive landscape where fintechs increasingly seek to blur the lines between software platforms and regulated banks.
Conclusion
Mercury’s submission of a U.S. national bank charter application to the OCC, alongside filings for federal deposit insurance and financial holding company status, marks a defining moment in the fintech’s trajectory. It represents a strategic investment in regulatory legitimacy, operational autonomy, and customer trust.
If regulators grant approval, Mercury would join a select group of fintech-led institutions operating under a U.S. national charter — potentially unlocking new products, enhanced risk management capabilities, and stronger competitive positioning. For customers and industry observers alike, this move highlights a broader trend: fintechs evolving toward self-regulated banking institutions that merge technology-first experiences with foundational financial stability.