“Can a BaaS-overlay neobank for startups acquire a bank charter and become the full financial OS for technology companies — owning the entire stack from deposits to lending to treasury?”
Mercury launched in 2017 as a digital-first business bank built on top of sponsor banks (Choice Financial Group and Column N.A.), targeting startups and tech companies underserved by legacy banks. It expanded from a pure deposit account into a full financial OS — adding Treasury yield management (via an in-house RIA), corporate cards, expense management, international payments, and most recently in-house lending (ecommerce working capital and venture debt via Mercury Lending, LLC). The company received conditional OCC approval for a national bank charter in 2025, signaling ambition to own its own banking rails rather than rely on BaaS sponsors. With $650M ARR, Mercury is transitioning from a fintech overlay on BaaS infrastructure toward becoming a chartered bank operating its own stack.
Mercury discloses Choice Financial Group and Column N.A. as its banking providers, with Evolve Bank & Trust and Patriot Bank, N.A. as its sponsor banks, according to the Embedded Finance Index 2026.
Mercury has applied for a national bank charter for Mercury Bank, National Association with the OCC. Status: conditional approval (2026-04-24). Until then its banking services run through Evolve Bank & Trust, Patriot Bank, N.A., Choice Financial Group and Column N.A..
Mercury processes payments through Wise. Disclosed money-movement rails: ACH and RTP.
Mercury's cards are issued through Lithic.
Mercury's investing and wealth products are powered by Betterment at Work and Apex Fintech Solutions.
Mercury integrates with QuickBooks Online, Xero and NetSuite.
The Embedded Finance Index 2026 maps 9 layers in Mercury's stack: Payments / PSP (Wise); Money movement (ACH and RTP); Banking / BaaS (Choice Financial Group and Column N.A.); Card issuing (Lithic); Lending (Mercury Working Capital (ecommerce working capital loans) and Venture Debt); Sponsor bank (Choice Financial Group, Column N.A., Evolve Bank & Trust and Patriot Bank, N.A.); Investing (Betterment at Work and Apex Fintech Solutions); Accounting (QuickBooks Online, Xero and NetSuite); Transaction enrichment (Spade).
Mercury was founded by Immad Akhund and is founded in 2017, headquartered in San Francisco, CA.
Mercury has raised ~$700M (primary and secondary combined) in total (latest round: Series D, 2025; valuation: $5.2B post-money (2025)).
Mercury's acquisitions include Teal (2024).
Get a read on where your own stack stands against Mercury and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.