Search Results for "Mercury"
10 results for "Mercury"
Deals 10
Mercury Applies for National Bank Charter with the OCC
Fintech company Mercury filed an application with the OCC for a national bank charter on December 19, 2025. The application remains pending as of late December 2025. Mercury, known for its startup-focused banking services, is seeking to become a nationally chartered bank, which would reduce its reliance on partner banks.
Mercury Ends Evolve Bank Partnership, Shifts to Multi-Bank Strategy
Fintech Mercury ended its banking partnership with Evolve Bank & Trust in 2025, pivoting to a multi-bank strategy with partners including Choice Financial Group and Column. The move reflects growing fintech emphasis on resilience and reduced single-bank dependency. The shift underscores evolving risk management approaches in BaaS relationships.
Mercury Raises $300M Series C at $3.5B Valuation for Business Banking
Mercury, a business banking platform, raised a $300M Series C at a $3.5B valuation. The round was led by Sequoia Capital with participation from Spark, Marathon, Coatue, CRV, and a16z. Mercury provides banking infrastructure and services for startups and businesses, making it a significant embedded finance player.
US Regulators Intensify Scrutiny of Bank-Fintech Partnerships in October 2024
In October 2024, the OCC, FDIC, and Federal Reserve received multiple comment letters on bank-fintech partnership risks. Submissions addressed supervision gaps, deposit-taking risks, and examination authority over fintechs. Fed Governor Bowman called for uniform regulations across banks, credit unions, and fintechs. FDIC consent orders requiring banks to offboard fintech partners signaled escalating enforcement.
Mercury Ends Middleware Contract with Synapse in Late 2023
Neobank Mercury terminated its contract with BaaS middleware provider Synapse, triggering layoffs at Synapse. The move reflects a broader industry trend of mature fintechs seeking direct bank relationships to reduce intermediary layers. This signals growing challenges for middleware-dependent BaaS models amid regulatory pressure.
Routefusion Partners with Evolve Bank & Trust for BaaS Capabilities
Routefusion announced a partnership with Evolve Bank & Trust to offer US-based accounts, ACH processing, virtual USD accounts, and FDIC insurance to fintechs and marketplaces. Evolve Bank & Trust already powers notable fintechs like Mercury and Rho. The partnership expands Routefusion's embedded finance infrastructure for its clients.
Brassica Raises $8M Seed for Investment Infrastructure-as-a-Service API
Brassica Technologies closed an $8 million seed round backed by Mercury Fund, Valor Equity Partners, and others. Its subsidiary, Brassica Trust Company, holds a Wyoming Trust Charter and provides API-enabled custodial and transfer agent services for alternative assets, marketed as investment infrastructure as a service.
Mercury Financial Extends Sponsor Bank Partnership with First Bank & Trust Through 2025
Mercury Financial extended its sponsor bank partnership with First Bank & Trust (FB&T) through 2025, supporting the expansion of its digital financial services for near-prime customers. FB&T serves as the bank issuer and payment model behind Mercury's fintech platforms. The renewal signals long-term commitment to the embedded finance relationship.
Mercury Partners with Evolve Bank & Trust for Startup Banking Service
Mercury partnered with Evolve Bank & Trust to provide FDIC-insured checking and savings accounts as a white-label banking service for startups. The platform offers modern dashboards, 10-minute online sign-ups, and multi-user activity monitoring. This enables fintechs to offer branded banking without building their own infrastructure.
Mercury Raises $20M Series A for Startup Banking Service
Mercury, a banking-as-a-service platform for startups, raised $20 million in Series A funding led by CRV with participation from Andreessen Horowitz. The round valued the company at $100 million post-money. Mercury had seen rapid growth since its April 2019 launch, with 1,500 signups in its first week and 40% monthly growth.