Mercury (company)
| Industry | Financial technology |
|---|---|
| Founded | 2017[1] |
| Founders | Immad Akhund Max Tagher Jason Zhang[2] |
| Headquarters | San Francisco, California , United States |
Key people | Immad Akhund (CEO) Max Tagher (CTO) Jason Zhang (COO)[2] |
| Products | Banking services |
Number of employees | 470[3] (2023) |
| Website | mercury |
Mercury is a financial technology company that provides customers with banking services. The company is not a bank, but works with banking service providers to provide bank accounts and other financial services.[4] The company was founded in 2017 in San Francisco, California.[1]
History
Mercury was founded in 2017 by Immad Akhund, Max Tagher, and Jason Zhang.[1] Mercury's business bank launched in 2019.[1] In March 2022, the company began offering venture debt services to its customers.[5] In September 2022, the company launched a corporate charge card.[1] In March 2023, Fast Company named Mercury one of the ten most innovative companies in finance.[6] The company is also on Forbes' 2023 Fintech 50 list for private companies.[7] The company reportedly gained a significant number of new customers and deposits in the wake of the March 2023 Silicon Valley Bank failure.[3]
Business
Mercury offers banking services to customers, which are primarily early stage startups.[8] The company is not a chartered bank, and therefore can't lend against deposits. Instead, it partners with regional bank networks to hold customer's deposits. Its main bank partners are North Dakota-based Choice Bank and Tennessee-based Evolve Bank and Trust, which have a network of regional banks.[9] This network gives customers access to a sweep network of other banks such as Goldman Sachs and Capital One.[4] Customer deposits of up to $5 million can be spread out across multiple accounts that are each under the FDIC's $250,000 insurance limit.[9]
References
- ^ a b c d e Mason, Emily (September 12, 2022). "Mercury Launches Corporate Charge Card, Entering Crowded Fintech Field That Includes Brex And Ramp". Forbes. Retrieved July 20, 2023.
- ^ a b Azevedo, Mary Ann (July 7, 2023). "SVB's collapse drove 26K customers to Mercury in 4 months". Techcrunch. Retrieved July 20, 2023.
- ^ a b Kauflin, Jeff (March 15, 2023). "Silicon Valley Bank Collapse Produces An Early Winner: Digital Banks". Forbes. Retrieved July 20, 2023.
- ^ a b Azevedo, Mary Ann (March 13, 2023). "Mercury expands FDIC insurance up to $3M through new Vault product". Techcrunch. Retrieved July 20, 2023.
- ^ Loizos, Connie (March 15, 2022). "Startup banking service Mercury jumps into debt lending to take on Silicon Valley Bank". Techcrunch. Retrieved July 22, 2023.
- ^ Harris, Ainsley (March 2, 2023). "The 10 most innovative companies in finance of 2023". Fast Company. Retrieved July 22, 2023.
- ^ "The Fintech 50 2023". Forbes. June 6, 2023. Retrieved July 22, 2023.
- ^ Leffert, Catherine (March 23, 2023). "Mercury and Brex acquired thousands of ex-SVB clients. Will they stay?". American Banker. Retrieved July 22, 2023.
- ^ a b Brewster, Lucy (May 11, 2023). "Mercury has attracted depositors after SVB fell. But can it keep them". Fortune. Retrieved July 22, 2023.