Summary
Mercury received preliminary conditional approval from the OCC on April 24, 2026 for Mercury Bank, N.A. in Salt Lake City, Utah. Initial capital requirement: $300M. The bank would be a full-service, insured national bank targeting US-based SMBs and consumers. Mercury also launched Mercury Command on June 16, 2026, an AI-native financial operations platform that lets customers complete financial work end-to-end using natural language. Command can check cash positions, change auto-transfer rules, categorize transactions, send invoices, and more. It requires explicit customer confirmation before executing any action. Mercury serves 300,000+ customers, has $650M in annualized revenue, and 3 years of GAAP profitability. The bank charter application was submitted December 19, 2025.
Key Points
- OCC preliminary conditional approval: April 24, 2026
- Initial capital: $300M minimum
- Mercury Bank, N.A. in Salt Lake City, Utah
- Full-service, insured national bank (FDIC insurance under review)
- Mercury Command launched June 16, 2026
- Command features: natural language financial operations, AI-powered insights, real-time cash position checks, transaction categorization, invoice management
- All actions require explicit human approval before execution
- Mercury: 300K+ customers, $650M annualized revenue, 3 years GAAP profitability
- 1 in 3 US startups use Mercury
- Jon Auxier (ex-SoFi Bank CFO) named proposed CEO of Mercury Bank