Mercury

What Mercury does

Mercury Technologies, Inc. is a San Francisco-based, privately held fintech founded in 2017 by Immad Akhund that provides a software-first digital banking and financial operations platform targeted primarily at startups, small businesses, and ecommerce brands. Its core offering is a free business checking and savings account with no monthly fees, $0 ACH and domestic/USD international wires, debit cards, and up to $5M of FDIC insurance delivered through a sweep network of partner banks (Choice Financial Group, Column N.A., Evolve Bank & Trust). The platform extends modularly into treasury management (Mercury Treasury via JPM and Morgan Stanley funds, up to 3.61% net yield), lending (Mercury IO Mastercard via Patriot Bank; Mercury Venture Debt and Mercury Working Capital Loans originated by Mercury Lending, LLC), payments and invoicing, expense management, and accounting automations synced to QuickBooks, Xero, and NetSuite. A developer-facing Mercury API plus open-source CLI and Mercury MCP server extend programmatic banking to AI agents and integrations.

Mercury's business model blends float-related revenue, subscriptions, and transaction fees. Treasury yield spread on idle cash (0.15%–0.60% monthly fee on Treasury balances), subscription revenue from Mercury Plus ($29.90/mo) and Mercury Pro ($299/mo), and Mercury Personal ($240/yr, waived for eligible business users) anchor recurring income, while card interchange, Mercury Lending interest and origination fees, FX fees (1% on non-USD wires), 1099 filing fees, and Mercury Invest advisory fees (0.10% AUM) contribute transactional revenue. Distribution is product-led and self-serve via mercury.com with a ~10-minute online onboarding, complemented by an inside-sales motion for Pro and $10M+ accounts, high-touch Treasury Solutions for $25M+ balances via Morgan Stanley, and a developer/AI-agent channel through the public API, CLI, and MCP server.

The company reached $650M in annualized revenue as of Q3 2025 (up from $500M at end-2024) on a customer base exceeding 300,000 — approximately one in three U.S. startups — with four consecutive years of GAAP and EBITDA profitability. Mercury received conditional OCC approval in April 2026 to establish Mercury Bank, N.A. in Utah, completed a $200M Series D led by TCV at a $5.2B valuation in May 2026, and launched Mercury Command, an AI conversational financial operator, in June 2026. Strategic acquisitions of Teal (accounting infrastructure, 2024) and Central (AI-native payroll, 2026) extend the platform into adjacent workflows, while Mercury Personal and Mercury MCP indicate expansion into consumer banking and AI-agent-native banking infrastructure.

Name

Mercury

Legal name

Mercury Technologies, Inc.

Website

https://mercury.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Mercury (Mercury Technologies, Inc.) is a San Francisco-based fintech that provides software-first digital banking, treasury, lending, payments, and AI-driven financial workflows to more than 300,000 startups and small businesses, roughly one in three U.S. startups, with $650M in annualized revenue and a pending national bank charter.

Ownership category

akta.pro rank

Product category

Business Banking Platform

NAICS

Sales Financing (52222), Credit Card Issuing (522210), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Finance Services (6199), Personal Credit Institutions (6141)

akta.pro primary industry

Treasury, Cash Management & Liquidity (SME) (FSAGAJAG)

akta.pro secondary industries

Cross-Border FX, Multi-Currency & Treasury for Payments (FSAGABAK), Net Worth & Personal Balance Sheet Tracking (FSAGADAF)

Keywords

• Business banking platform
• Fintech for startups
• Online business banking
• Treasury management software
• AI financial operations

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Treasury yield spread: Mercury invests customer idle cash in lower-risk mutual funds (J.P. Morgan U.S. Treasury Plus Money Market Fund JTCXX and Morgan Stanley Ultra-Short Income Portfolio MULSX) held at Apex Clearing Corp; Mercury earns a monthly fee of 0.15%–0.60% on total Treasury balances and retains a spread versus the net yield shared with customers.
2. Platform subscriptions (Mercury Plus / Pro): Recurring monthly/annual subscription fees for Mercury Plus ($29.90/mo or $239/yr) and Mercury Pro ($299/mo or $2,395/yr), unlocking NetSuite enriched automations, ACH debit invoicing (Plus: $1/txn, Pro: $0/txn), unlimited invoicing API volume, additional reimbursement users, and a dedicated Relationship Manager for Pro.
3. Mercury Personal subscription: $240/year subscription for Mercury Personal premium consumer banking, which is waived for users on eligible Mercury Business accounts. Includes 3.25% APY savings, joint accounts, Mercury Invest, debit cards, and reimbursements.
4. Card interchange and lending interest: Revenue from IO Mastercard interchange (1.5% cashback is offset by network/issuer economics) plus interest on card balances and Working Capital Loans / Venture Debt originated by Mercury Lending, LLC (NMLS 2606284). Working Capital uses a flat upfront fee; Venture Debt uses an origination fee, interest, and warrant.
5. FX and transaction fees: 1% currency conversion fee on non-USD international wires sent from Mercury accounts; international transaction fees on non-USD debit/credit card spend.
6. 1099 tax filing fees: $5 per 1099 form for free-tier customers; unlimited 1099 filings included for Plus and Pro subscribers.
7. Personal banking (Mercury Invest) advisory fees: 0.10% annual advisory fee on Mercury Invest ETF portfolios, charged monthly, offered by Mercury Advisory LLC.

Pricing tiers

Go-to-market motion4 records

Distribution channels6 records

Marketing channels8 records

Core offering

Mercury operates a software-first digital banking and financial operations platform for startups and growing businesses, offering free business checking and savings with up to $5M FDIC coverage through partner banks, corporate debit cards, the IO Mastercard credit card with 1.5% cashback, Mercury Treasury yielding up to 3.61% on idle cash, working capital loans and venture debt, integrated bill pay, invoicing, and accounting automations synced with QuickBooks, Xero, and NetSuite. The platform is extended by an AI layer (Mercury Command, Mercury Insights) and a developer-facing Mercury API plus terminal-native CLI and MCP server for programmatic and AI-agent banking.

Product overview

Mercury's offering is a unified business-banking-plus-financial-software platform built around a core business checking and savings account (with up to $5M FDIC insurance through partner banks Choice Financial Group, Column N.A., and Evolve Bank & Trust), extended by modular capabilities for treasury management (Mercury Treasury), credit and lending (Mercury IO credit card, Venture Debt, Working Capital Loans), spend and bill workflows (Expense Management, Bill Pay, Payments, Invoicing), accounting automation (synced with QuickBooks, Xero, NetSuite), and an AI layer (Mercury Command, Mercury Insights). Mercury also offers Mercury Personal for individual/founder banking, a Mercury API plus Mercury CLI and Mercury MCP server for developers and AI agents, and is pursuing a Mercury Bank, N.A. national bank charter via OCC conditional approval. Recent acquisitions Teal (accounting infrastructure) and Central (AI-native payroll) extend the platform into accounting and payroll domains.

Differentiator

Problem solved

Functional benefit

Brands

• Mercury Personal: Premium consumer banking product for U.S. residents offering high-yield savings, joint accounts, debit cards, and AI-powered insights.
• Mercury Treasury
• Mercury Command
• Mercury Insights
• Mercury IO
• Mercury Venture Debt
• Mercury Working Capital

Products and services

• Mercury Business Checking & Savings
• Mercury Treasury
• Mercury IO Business Credit Card
• Mercury Venture Debt
• Mercury Working Capital Loans
• Mercury Expense Management
• Mercury Bill Pay & Payments
• Mercury Invoicing
• Mercury Accounting Automations
• Mercury Command
• Mercury Insights
• Mercury API, CLI & MCP Server
• Mercury Personal Banking

Quantifiable outcome

• 99.6% of domestic payments sent on Mercury in 2025 arrived in ≤1 business day
• +5 more outcomes

Named customers25 records

Segments8 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration13 records

AI capability11 records

Feature7 records

Partnerships

Eight partnerships are on record, tiered flagship and core.

• Morgan StanleyflagshipStrategic or Co-development PartnerManages the Morgan Stanley Ultra-Short Income Portfolio (MULSX) used by Mercury Treasury for 1-2 day liquidity. Also powers Mercury Treasury Solutions by Morgan Stanley for premium customers with $25M+ Mercury balances, offering personalized portfolio management and dedicated white-glove service.
• MastercardflagshipTechnology or IntegrationLicense partner for Mercury's debit cards (issued by Choice Financial Group and Column N.A.) and IO Mastercard credit card (issued by Patriot Bank, N.A.); Mastercard Zero Liability and Fraud Protection apply.
• QuickBooks (Intuit)flagshipTechnology or IntegrationDirect accounting integration; Mercury syncs bills, card transactions, expense reimbursements, wires, ACH transfers, checks, and internal transfers with GL codes; QuickBooks enriched automations are free.
• XeroflagshipTechnology or IntegrationDirect accounting integration with GL code assignment and enriched automations (free). Plus subscribers receive 6 months free Xero.
• NetSuite (Oracle)flagshipTechnology or IntegrationDirect accounting integration with GL codes; NetSuite enriched categorizations require a paid Mercury plan.
• StripecoreTechnology or IntegrationProcesses credit card, Apple Pay, and Google Pay payments for Mercury Invoicing; Stripe charges a processing fee of typically 2.9% + $0.30 per transaction.
• CentralflagshipStrategic or Co-development PartnerAI-native payroll platform acquired by Mercury in April 2026 to integrate payroll capabilities into Mercury's financial ecosystem; Central had served nearly 500 startup customers and processed over $175 million in payroll at the time of acquisition.
• TealflagshipStrategic or Co-development PartnerVancouver-based seed-stage startup acquired by Mercury in September 2024 to integrate accounting infrastructure into Mercury's platform; Teal had raised $8M led by Torch Capital prior to acquisition.

Scale indicators13 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• Brex: Direct competitor offering business banking, corporate cards, bill pay, and treasury to startups and SMBs. Targets the same venture-backed customer base as Mercury with an overlapping product portfolio (cards, expense management, banking).
• Ramp: Direct competitor in corporate cards, bill pay, expense management, and business banking for startups and mid-market companies. Strong overlap with Mercury's spend management and Mercury IO card offerings.
• Relay Financial: Direct SMB banking competitor offering business checking, savings, and bill pay with tiered permissions — a similar software-first, fee-light positioning targeting small businesses and startups.
• Novo: Direct competitor focused on small business banking, invoicing, and integrations with QuickBooks/Xero — closely comparable target customer (small/startup businesses) and product surface (checking, payments, accounting sync).
• NorthOne: Direct competitor in digital small business banking with API access, integrations, and tiered permissions — comparable product positioning for SMBs and startups seeking software-first banking.
• Found: Direct competitor offering business banking, bookkeeping, and tax tools tailored to self-employed individuals and small businesses — overlaps with Mercury's expense/invoicing workflows and SMB focus.

Broad incumbents

• SoFi: Broader neobank offering consumer banking, lending, and investing; overlaps with Mercury's Personal and lending (Venture Debt, Working Capital) offerings. Mercury Bank, N.A. CEO Jon Auxier was previously SoFi Bank CFO, signaling direct competitive awareness.
• Chime: Large U.S. neobank with consumer checking, savings, and a small-business product (Chime Business) — comparable fee-free digital banking model though more consumer-focused than Mercury.

Emerging players

• Stripe Treasury / Modern Treasury: Adjacent fintech infrastructure enabling embedded banking-as-a-service and programmable banking APIs. Competes with Mercury's API/CLI/MCP strategy as the embedded-finance layer for software platforms and AI agents.

Others

• Plaid: Adjacent fintech infrastructure providing data connectivity between bank accounts and software apps — directly relevant to Mercury's developer/AI-agent positioning via Mercury MCP and the broader embedded-finance ecosystem.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/bankmercury
• YouTubeyoutube.com/@Mercuryfi
• LinkedInlinkedin.com/company/mercurybank
• Instagraminstagram.com/mercuryfi
• TikToktiktok.com/@mercury.fi
• Facebookfacebook.com/bankwithmercury

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries4 records

Funding overview

Funding rounds13 records

Investors44 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mercury