Mercury, a US-based banking technology company serving businesses and individuals, has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish Mercury Bank, N.A., a nationally chartered bank.
The approval follows Mercury's application submission in December 2025 alongside a concurrent application for federal deposit insurance with the FDIC.
According to company data, Mercury serves more than 300,000 businesses and individuals, generates over USD 650 million in annualised revenue, and has maintained four years of GAAP profitability. One in three US startups banks with Mercury, though the company notes that 73% of new customers in 2025 came from outside the technology startup category.
Pending requirements and planned capabilities
Mercury now enters the bank organisation phase, during which it will work to satisfy remaining OCC requirements and obtain final authorisation, alongside pending approvals from the FDIC and the Federal Reserve. Mercury Technologies will separately file a bank holding company application with the Federal Reserve. Mercury Bank, N.A., will be headquartered in Utah. Existing customers will continue using Mercury's current accounts, products, and support without interruption during this period.
Once Mercury Bank becomes fully operational, customers will gain access to capabilities currently unavailable under the partner bank model, including Zelle built directly into Mercury Bank accounts for person-to-person and business payments, an expanded suite of lending products for businesses and individuals, and a deeper payments infrastructure providing faster money movement and more direct control over payment processing.
Jon Auxier, formerly CFO of SoFi Bank, has been appointed as CEO and President of Mercury Bank. He previously led the implementation of SoFi's national bank charter and held senior roles at Green Dot and Goldman Sachs.
Commenting on the news, Immad Akhund, Co-Founder and CEO of Mercury, noted that the charter is how the company starts closing gaps its customers have highlighted, including Zelle, expanded lending, and payment infrastructure Mercury controls directly.
