Mercury Applies for US Bank Charter as Fintech Moves Closer to Becoming a Bank

Mercury, the banking platform for startups, has applied for a US bank charter as the fintech company takes a significant step toward becoming a fully licensed bank. The charter application represents one of the most notable fintech-to-bank transitions in the US market.

Mercury has built a large customer base among technology startups and venture-backed companies, offering business banking, treasury management and financial workflow tools. A bank charter would allow Mercury to hold deposits directly and expand its lending capabilities.

The charter application reflects a growing trend of successful fintechs seeking bank licences to reduce their dependence on banking partners, gain more control over their economics and offer a broader range of financial products to their customers.