Mercury Applies for OCC Bank Charter, Seeks FDIC Cover

Mercury, a San Francisco-based fintech focused on banking and financial software for startups and small businesses, said it has applied to the Office of the Comptroller of the Currency (OCC) for a national bank charter and separately sought federal deposit insurance from the Federal Deposit Insurance Corporation (FDIC). 

The filing marks Mercury’s push to move from a partner-bank model toward direct federal oversight. As per the announcement, the company is positioning the effort as a long-term play to build a regulated, software-led bank for “builders.”

Charter filing details and what changes now

Mercury said the applications begin a formal regulatory process and do not change customer accounts or products in the near term. The company will continue operating with partner banks while it builds toward a potential charter outcome.

Mercury also highlighted its scale and financial profile, citing more than 200,000 customers, $650 million in annualized revenue, and three years of GAAP profitability as of November 2025. 

Leadership and regulatory build-out

Alongside the filings, Mercury appointed Jon Auxier as Chief Banking Officer and named him as the proposed CEO and President of “Mercury Bank,” subject to regulators’ approval. Mercury said Auxier previously held senior finance roles at SoFi and worked on the implementation of SoFi’s national bank charter, among other posts.

As part of the structure described, Mercury Technologies, Inc. plans to seek approval to become a financial holding company, and the proposed national bank would be headquartered in Utah, according to the company. 

Firms seek direct federal oversight

Mercury’s move comes amid a broader upswing in charter activity, as regulators report increased applications from fintech and digital-asset-adjacent firms seeking clearer federal pathways.

For startup and SMB users, a successful charter and FDIC insurance approval could eventually reduce reliance on partner-bank arrangements and consolidate more services under a single regulated entity. However, timelines and conditions will depend on supervisory, capital, governance, and pre-opening requirements. 

Mercury is positioning its OCC and FDIC applications as a wager that software-led financial products can scale under direct supervision, at a moment when the OCC has begun approving new charters for financial institutions, including crypto-focused banks. 

The open question is execution, whether Mercury can secure approval and sustain product momentum while operating within the stricter capital, governance, and compliance standards of a national bank.

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