Mercury Applies for OCC National Bank Charter to Become the Bank for Builders
Mercury Applies for a U.S. National Bank Charter
Mercury has applied to the Office of the Comptroller of the Currency (OCC) for a National Bank Charter and separately filed for federal deposit insurance with the Federal Deposit Insurance Corporation (FDIC). The move signals a shift toward operating under direct federal oversight, positioning the platform to combine its existing software-led banking services with the regulatory structure of a national bank.
As of November 2025, the company reports serving more than 200,000 customers, generating approximately $650 million in annualized revenue, maintaining three consecutive years of GAAP profitability, and supporting roughly one in three U.S. startups. The charter application reflects a longer-term strategy to internalize core banking capabilities, strengthen regulatory accountability, and support expanded product development within a national banking framework.
Regulatory Path and Operating Implications
Initiation of federal regulatory review: The filings with the OCC for a national bank charter and the FDIC for deposit insurance formally initiate the process to operate as a federally regulated, FDIC-insured bank.
Customer continuity during the review phase: During the regulatory evaluation, customer accounts, services, and existing partner-bank arrangements remain unchanged, with no near-term operational impact.
Potential shift in operating structure: If approved, the charter would allow direct deposit holding and greater control over core banking functions, gradually reducing dependence on partner banks.
Indicators supporting charter pursuit: The company’s reported profitability, revenue scale, and customer adoption are presented as factors supporting its ability to meet national bank requirements.
Expanded regulatory and governance obligations: Pursuing a charter entails building enhanced compliance, capital management, and risk oversight frameworks aligned with federal banking standards.
Structural flexibility for future offerings: Operating under a single federal charter could enable broader product development within a unified regulatory framework, subject to ongoing supervisory oversight.
FinTech Firms Pursuing U.S. Banking and Trust Charters
PayPal: PayPal has submitted applications to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation to establish a Utah-chartered industrial loan company, proposed as PayPal Bank.
Circle: Circle has received conditional OCC approval to establish a national trust bank to manage reserves backing its U.S. dollar stablecoin under federal oversight.
Ripple: Ripple has secured conditional approval to form a national trust bank, placing its stablecoin reserve management under both federal and state regulatory supervision.
Coinbase: Coinbase has applied to become a national trust company to expand its custody business and support payments and related services under federal regulation.
Stripe: Stripe has applied for a limited-purpose merchant acquirer bank charter in Georgia to gain direct card network access, without offering deposits or traditional banking services.
Wise: Wise has filed an application with the OCC to create a national trust bank, aimed at reducing dependence on partner banks and supporting service expansion in the U.S.
Nubank: Nubank has applied for a U.S. national bank charter as part of plans to explore broader market participation, including deposits, credit, and custody services.
Revolut: Revolut has confirmed it is evaluating options to establish a U.S. bank, either through acquisition or by applying for a new banking license.
