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Mercury
Mercury is a fintech providing banking, cards, and cash management to over 300,000 startups.
Mercury
Mercury operates as a financial technology company, not a bank. Banking services are delivered through partnerships with Choice Financial Group and Column N.A., Members FDIC, providing business checking and savings accounts, corporate debit and credit cards, and cash management tools. The company serves over 300,000 entrepreneurs, claiming one in three U.S. startups as clients, and processes more than $20 billion in monthly transaction volume. The platform targets startups, scaling companies, and venture-backed businesses with a suite that spans payments, invoicing, expense management, and accounting integrations. Mercury Treasury offers yield on idle cash, and the company provides API access for custom financial automation. Its credit card pays 1.5% cashback, while Treasury accounts can earn up to 3.66% yield. In March 2023, Mercury absorbed more than $2 billion in deposits within days of Silicon Valley Bank's failure and retained 92 percent of those customers six months later (per Forbes, 2023). Mercury has raised a $300 million Series C round and reached $650 million in annual revenue while maintaining profitability (per the firm, 2024). The company employs over 1,000 people. It also offers a personal banking product with 3.25% APY on savings and joint accounts. The firm appeared on Fast Company's Most Innovative list and ranked 16th on Fortune's Best Medium Workplaces in 2023. Unlike most neobanks, Mercury does not rely on a single sponsor-bank relationship; it distributes deposits across multiple FDIC-insured institutions and their sweep networks to offer up to $5 million in insurance coverage. This multi-bank architecture, combined with a software-first experience that replaces back-office tools for invoicing, bill pay, and reconciliation, distinguishes Mercury from both traditional commercial banks and single-card fintech competitors.
General information
Firm type
Fintech Company
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Houston
Corporate office
Houston, TX, United States
Sector focus
Frequently asked questions
Is Mercury a bank?
No. Mercury is a financial technology company. Banking services, including FDIC insurance, are provided through its partner banks Choice Financial Group and Column N.A., Members FDIC. Mercury itself does not hold a bank charter.
How does Mercury protect deposits beyond the standard $250,000 FDIC limit?
Mercury uses partner banks and their sweep networks to extend FDIC coverage up to $5 million per customer. Deposits are programmatically distributed across multiple insured institutions behind the scenes, which is structurally different from a single-bank sweep.
What happened to Mercury's deposit base after the Silicon Valley Bank failure in 2023?
Mercury gained more than $2 billion in deposits within days of SVB's collapse in March 2023 and had retained 92 percent of those customers six months later, according to Forbes reporting in 2023.
Does Mercury offer venture debt or lending products?
The company lists venture debt as one of its options alongside treasury management. Specific terms and the vehicle through which it offers debt have not been publicly detailed, but it is promoted as part of the broader Mercury platform for venture-backed companies.
What is Mercury Treasury and what yield does it offer?
Mercury Treasury is a cash management product that allows businesses to earn yield on idle balances. Mercury's website states users can earn up to 3.66% APY through Treasury accounts, which are separate from standard checking and savings accounts.
How large is Mercury's client base and who is the typical customer?
Mercury claims over 300,000 entrepreneurs use its platform, and it states that roughly one in three U.S. startups banks with Mercury. The typical customer is a venture-backed startup, scaling technology company, or small business seeking an online-native banking interface.
How does Mercury generate revenue if there are no monthly fees for business accounts?
Mercury generates revenue primarily from interchange fees on debit and credit card transactions, yield on Treasury deposits, and its venture debt product. The company disclosed $650 million in annual revenue and profitability in 2024, despite offering a free tier for business checking and savings accounts.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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