Neobank Mercury aims to serve US start-up scene
Mercury, a challenger bank based in San Francisco, is aiming to become a go-to account for start-ups emerging in the US.
Mercury has raised $26m since its launch in 2017
The bank says that it has designed accounts to help tech companies scale. Each comes with virtual cards, “API access”, and team management capabilities.
A dashboard provided by the challenger helps founders “make efficient decisions in real time”. It features cashflow analytics, programmatic payments, and runway estimates.
Mercury promises that clients can send money “in three clicks” via wire, cheque, or clearing house. Its account can integrate with Gusto, Stripe, and Quickbooks.
The bank offers two pricing tiers for its accounts. The standard tier is fee-free, aside from $5 and $20 charges on domestic and international wire payments.
The “Tea Room” tier requires a minimum deposit of $250,000. Joining this tier removes the $5 charge for domestic payments. Mercury also promises to send tea to new joiners at this level.
Tea Room members gain access to the bank’s start-up rewards programme.
Founded in 2017, Mercury has raised $26 million in funding over three funding rounds. Its latest injection in September 2019 saw it secure $20 million from 28 separate investors.
The challenger’s banking services are provided by Evolve Bank & Trust, a licensed bank and member of Federal Deposit Insurance Corporation (FDIC).
Memphis, Tennessee-based Evolve Bank & Trust signed up digital banking provider i2c last year to underpin the launch of new credit, debit, and prepaid card accounts.
