Fintech company Mercury received conditional approval from the OCC to establish Mercury Bank NA, a national bank targeted at founders and startups. The company plans to offer Zelle payments, expanded lending, and direct payment infrastructure once the charter is finalized. Mercury still needs FDIC deposit insurance approval and Federal Reserve holding company approval before the bank can open. The application was filed in December 2025.
This follows the broader trend of fintechs seeking full bank charters rather than operating through bank partnerships — a model that gives them greater control over products, pricing, and customer relationships. Mercury joins a growing list of fintechs pursuing OCC charters under the current administration’s receptive stance toward fintech banking.
What you should do: Fintech bank charters are moving faster under the current OCC. Community banks that rely on fintech partnerships or serve startup-heavy markets should monitor which fintechs are entering the chartered bank space: they are no longer just partners or vendors, but regulated competitors.