OCC grants conditional approval for Mercury to set up Mercury Bank, N.A.

US fintech institution Mercury has received conditional support from the Office of the Comptroller of the Currency (OCC) to found Mercury Bank, N.A.

The determination places the institution into the slope organisation phase. Mercury indispensable inactive conscionable remaining conditions and unafraid last authorisation from the OCC.

Approvals are besides pending from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve.

Mercury archetypal said successful December 2025 that it intended to prosecute a nationalist slope charter.

Its exertion was submitted alongside a petition for national deposit security with the FDIC.

In a statement, the institution said the conditional support reflects years of enactment to physique a fiscal level “worthy of nonstop regulation”.

Mercury said a afloat operational slope would alteration services customers cannot entree currently. These see Zelle embedded successful Mercury Bank accounts for person-to-person and concern payments.

The institution besides pointed to plans for an expanded suite of lending products for businesses and individuals, arsenic good arsenic deeper payments infrastructure aimed astatine faster wealth question and much nonstop power implicit outgo processing.

Mercury said it serves much than 300,000 businesses and individuals and generates much than $650m successful annualised revenue. It besides reported 4 years of GAAP profitability.

The steadfast said 1 successful 3 US startups banks with Mercury, but added that successful 2025, 73% of caller customers came from extracurricular the tech startup category.

Immad Akhund, co-founder and CEO of Mercury, said: “We applied for this charter due to the fact that the champion founders successful the state merit a slope that was built for them.

“Our customers person been asking for Zelle, for expanded lending, for outgo infrastructure we really control. We couldn’t springiness them those things without a slope charter. Those gaps person ever bothered me. This is however we commencement closing them.”

Mercury Bank, N.A. volition beryllium headquartered successful Utah.

Jon Auxier volition instrumentality connected the roles of main enforcement and president astatine Mercury Bank.

His erstwhile acquisition includes serving arsenic CFO of SoFi Bank and firm treasurer astatine SoFi Technologies. He has besides held elder roles astatine Goldman Sachs, Green Dot, and a planetary accounting firm.

Mercury Technologies, Inc. volition aboriginal record separately with the Federal Reserve to go a slope holding company.

Following the OCC’s conditional approval, Mercury said it volition proceed moving with regulators to fulfill outstanding requirements.

"OCC grants conditional support for Mercury to acceptable up Mercury Bank, N.A." was primitively created and published by Retail Banker International, a GlobalData owned brand.