Mercury Partners with Evolve Bank & Trust for Startup Banking Service

Mercury, a fintech focused on startup banking, partnered with Evolve Bank & Trust to deliver FDIC-insured checking and savings accounts through a white-label banking-as-a-service model. Savings accounts offered up to 1.75% interest. The platform features modern dashboards, rapid online onboarding with accounts ready in 24 hours, and tools for multi-user activity monitoring.

The partnership allows startups and fintechs to access branded banking services without building their own banking infrastructure. TechCrunch reported in September 2019 that Mercury had raised $20 million in funding alongside this banking service launch. The deal exemplifies the growing trend of fintechs partnering with chartered banks to embed financial services into technology platforms.