Mercury, the fintech that provides radically different banking* for over 200,000 ambitious companies and individuals, announced it has submitted its application to the Office of the Comptroller of the Currency (OCC) for a national bank charter and applied for federal deposit insurance with the Federal Deposit Insurance Corporation (FDIC).
The applications mark a milestone in Mercury’s evolution and a long-term investment in building a highly trusted financial foundation for ambitious companies and individuals. A charter is the next step in Mercury’s pursuit of
radically different banking — combining powerful software built for precision and speed with the strength and stability of a regulated institution.
Mercury at a glance (as of November 2025):
- 200,000+ customers
- $650M in annualized revenue
- 3 years of GAAP profitability
- 1 in 3 U.S. startups use Mercury.**
A charter will extend what makes Mercury distinct: a single platform that helps customers accomplish everything they want with their money. Operating under direct regulatory oversight and innovating with the discipline required of a national bank will strengthen the trust we’ve already built with customers.
“Becoming an FDIC-insured national bank aligns with our long-term vision and will allow Mercury to deliver a better customer experience at scale,”
said Immad Akhund, co-founder and CEO of Mercury. “We’ve built Mercury for ambitious companies and individuals. Once we receive regulatory approval, a charter will let us deliver greater stability, long-term confidence, and trust, while continuing to redefine what radically different banking means.”
These filings are the start of Mercury’s official engagement with regulators to open and operate a national bank. For customers, nothing changes today. Mercury will continue working closely with its partner banks while building new products, improving the experience, and laying the groundwork for the future.
Mercury also announced the appointment of
Jon Auxier as Chief Banking Officer of Mercury and the proposed CEO and President of Mercury Bank, subject to approval of Mercury’s applications. His appointment reflects Mercury’s strategy to pair its software-first DNA with deep banking and regulatory expertise. Auxier is a proven financial services leader with a record of driving significant transformation in high-growth and highly regulated environments. He served as CFO of SoFi Bank and Corporate Treasurer of SoFi Technologies, where he helped lead the successful application and implementation of its national bank charter. He has held senior roles at Green Dot, Goldman Sachs, and a global accounting firm.
“Few fintechs have reached the level of financial strength and operational discipline to pursue a charter at this scale,”
said Auxier. “Mercury is profitable and has built a strong balance sheet with a scaled and successful business. Becoming a bank will build upon our strong foundation and let us innovate with more precision and accountability.”
