Mercury
Startup banking that absorbed half of YC after SVB collapsed; added IO cards and personal banking.
Startup banking; 200K+ companies.
- Who holds it
- A sponsor bank behind the brand — not the app you signed up with — Partner banks (Choice, Column).
- The ledger
- Split between a program manager and the sponsor bank — the modular setup that broke in Synapse.
- If it fails
- Any claim runs through the sponsor bank, and only works if the two ledgers reconcile.
Derived from Mercury’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | traditional · SMB & startups |
| AI | AI assistant as the interface |
| HQ | San Francisco, US |
| Founded | 2017 |
| Custody | Custodial |
| Regulation type | Partner-bank model |
| License detail | Partner banks (Choice, Column) |
| Card | MC · Business debit + credit |
| Cashback | 1.5% (IO card) |
| Yield | Treasury yield |
| Stablecoins | No |
| KYC | Yes |
| Active regions | North America |
| Countries | United States |
| Founders | Immad Akhund |
| Funding | ~$450M (val ~$3.5B) |
| Services | fiat pay-in (bank rails) · fiat pay-out (bank rails) · own IBAN / account no. · virtual cards |
| FX markup | 3% currency conversion fee on all non-USD card transactions (Mastercard rate) (2026-07) · source ↗ |
Verified links: official site ↗ · terms ↗ · privacy ↗ · @mercury ↗
Common questions about Mercury
What is Mercury?
Mercury is a fiat neobank built for SMB & startups, headquartered in San Francisco, US and founded in 2017. Your money is held custodially, so Mercury or its partner bank holds the balance and you hold a claim on it. It operates on a partner-bank model (Partner banks (Choice, Column)).
Does Mercury have a card, and where can you use it?
It issues a Mastercard business debit and credit card. It is available in North America.
Does Mercury require KYC?
Yes. Mercury requires identity verification (KYC) to open an account, as a partner-bank model.
What does Mercury cost?
From the verified fields: FX abroad — 3% currency conversion fee on all non-USD card transactions (Mastercard rate) (as of 2026-07); cashback 1.5% (IO card); yield Treasury yield. Cashback and yield are "up to" figures that change constantly and often depend on a paid plan — confirm current terms with Mercury before relying on them.
Early investors
Head-to-head
Mercury vs Brex · Mercury vs Novo · Mercury vs Qonto · Mercury vs Ramp · Mercury vs Bluevine
Peers
Chime · Wise · Varo · Current · SoFi · Ally Bank
Mercury appears in
Neobanks running on someone else’s banking license (81) · Neobanks available in North America (126) · Neobanks for small businesses and startups (33) · Neobanks that issue a Mastercard (150) · Neobanks in United States (66)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.