Mercury Files for National Bank Charter in Bid to Transition from Fintech to Regulated Bank

Mercury, the San Francisco-based fintech serving startups and small businesses, has taken a decisive step toward becoming a fully regulated bank. The company submitted applications for a national bank charter with the OCC and federal deposit insurance with the FDIC. This MOVE signals Mercury's ambition to evolve beyond its current partner-bank model.

With 200,000+ customers and $650M in annualized revenue, Mercury emphasizes its three-year track record of GAAP profitability. The fintech named Jon Auxier as Chief Banking Officer and proposed CEO of the planned bank—pending regulatory approvals. No immediate changes to customer accounts or products are expected during the review process.

The charter bid reflects a broader trend of fintechs seeking regulatory legitimacy. Mercury positions itself as building a "software-led bank" for innovators, though the path to approval remains uncertain. Partner banks will continue servicing accounts while regulators evaluate the applications.