| Mercury | |
| Industry: | Financial technology |
| Predecessors: | --> |
| Founded: | [1] |
| Founders: | Immad Akhund Max Tagher Jason Zhang[2] |
| Successors: | --> |
| Hq Location City: | San Francisco, California |
| Hq Location Country: | United States |
| Areas Served: | --> |
| Key People: | Immad Akhund (CEO) Max Tagher (CTO) Jason Zhang (COO) |
| Products: | Banking services |
| Owners: | --> |
| Num Employees: | 470[3] |
| Num Employees Year: | 2023 |
Mercury is an American fintech company that provides banking services to early stage start-up companies. 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]
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]
The company reportedly gained a significant number of new customers and deposits in the wake of the March 2023 Silicon Valley Bank failure.[3]
In June 2024, one of Mercury's partner banks, Evolve Bank & Trust, suffered a major data breach that included account numbers and deposit balances for Mercury accounts.[6] The ransomware group LockBit took credit for the attack.[7]
Mercury offers banking services to customers, primarily early-stage startups.[8]
The company is not a chartered bank, and is therefore unable to 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]
The company provides a corporate credit card called Mercury IO.[10]
The company also operates Mercury Raise, a service connecting customers with investors.[11]