Mercury Applies for U.S. National Bank Charter

San Francisco–based fintech Mercury has formally applied for a national bank charter with the Office of the Comptroller of the Currency (OCC), marking a significant strategic step in its evolution from a fintech platform into a fully regulated banking institution.

The company, which primarily serves startups, founders, and venture capital firms, also announced the appointment of Jon Auxier as Chief Banking Officer and President & CEO of the proposed bank. Auxier brings deep regulatory and operational experience, having previously served as CFO of SoFi Bank and played a central role in SoFi’s transition to a chartered bank. He departed SoFi in 2023.

Mercury currently offers corporate credit cards and a digital platform that enables businesses to pay bills, issue invoices, manage employee expenses, and automate accounting workflows. Securing a bank charter would allow the fintech to expand these services with greater autonomy, reduce reliance on partner banks, and operate under direct federal supervision.

“Few fintechs have reached the level of financial strength and operational discipline to pursue a charter at this scale,” Auxier said in a company statement. He emphasized that Mercury is already profitable, has built a strong balance sheet, and operates a scaled business—key prerequisites for taking on the responsibilities of a regulated bank.

The move comes amid renewed momentum in fintech charter applications. In recent months, the OCC has approved several national trust bank charters, particularly for crypto-focused firms, while PayPal has applied to establish a Utah-chartered industrial loan company. Regulators have also greenlit de novo bank applications, including Erebor Bank, signaling a more active period for new banking entrants.

As part of the process, Mercury is applying for FDIC deposit insurance and plans to seek approval from the Federal Reserve to become a financial holding company. If approved, the charter would allow Mercury to hold deposits directly and expand its product set within a more robust regulatory framework.

“Becoming an FDIC-insured national bank aligns with our long-term vision,” said Mercury CEO Immad Akhund. “A charter will allow us to deliver greater stability, long-term confidence, and trust at scale—while continuing to redefine what radically different banking means.”

Auxier echoed this sentiment in a LinkedIn post, stating that Mercury’s ambition is to build a bank that is both innovative and enduring—one customers can trust to safeguard their money and support long-term growth.

Source: PaymentsDive