How Mercury works with its partners to bring you powerful banking

From the beginning, we’ve built Mercury with a partner bank business model. Today, we support over 200K customers, with banking services provided through Mercury’s direct integrations with our partner banks, each of which are insured by the Federal Deposit Insurance Corporation (FDIC).

¹ As a financial technology company, we work closely with our bank partners and want to share more on how these relationships work.

We work with banks that are headquartered in the U.S. and FDIC insured, including Choice Financial Group, Column, N.A., and Patriot Bank, N.A. We’ve also historically worked with Evolve Bank & Trust, but announced in March 2025 that we’re transitioning away from Evolve and giving customers the option to migrate their Mercury accounts to another partner on our platform. Mercury’s bank partners are regulated by various authorities including agencies like the FDIC, the Board of Governors of the Federal Reserve System (the “FRB”), and the Office of the Comptroller of the Currency (the “OCC”). Our state-chartered bank partners are also overseen by the state agencies that issued their charters. Our bank partners are subject to regular audits and regulatory examinations, and as part of those processes, Mercury provides policies, procedures, and reports to partners and their regulators for review. These audits and exams review whether our bank partners are operating in a safe and sound manner and also test specific areas of regulatory compliance, like anti-money laundering, fair lending, and third-party risk management.

Funds in your Checking and Savings accounts are held at Mercury’s FDIC-insured bank partners and their sweep network program banks, each of which is also FDIC-insured and subject to bank regulator oversight. We have direct contractual relationships with each of our bank partners, and each Mercury customer has a direct contractual agreement with our partner banks through the terms and conditions you review and accept as part of onboarding. This means that no matter what happens to Mercury, you’ll always have access to your funds. Mercury is healthy and in a strong financial position, but we’ve still structured our bank partnerships in a way that ensures you can have peace of mind about where your funds are held. We also provide Mercury customers with sweep statements that show how your deposits are distributed across our bank partners and their sweep network program banks. Although sweep statements like these aren’t currently required by law, transparency about where your funds are held is important to us and we’ve worked closely with our bank partners to ensure we can relay this information to you on an ongoing basis.

Sweep statements are just one example of how we encourage product-led thinking across Mercury. This mindset extends to our best-in-class compliance and risk teams. These in-house teams work hand in hand with fraud and security engineers, product managers, and our bank partners to build and deploy products, tools, and alerts that flag suspicious activity. We’ve gone a step further than many financial institutions and innovated on core security experiences — for example, we enforce multi-factor authentication by default. We’ve prioritized data security and obtained SOC 2 certification and maintain PCI compliance. And we’ve built product features like ACH authorization which flags any ACH debit attempts from unauthorized vendors and/or above a transaction limit that you’ve set, as a fraud prevention measure. Mercury’s approach to powerful banking doesn’t stop there: We also offer other financial products, like Mercury Treasury

², to help you earn yield on idle cash.

For example, to offer you greater capabilities to weigh liquidity, risk, and yield when creating a cash management strategy, our SEC-registered investment adviser Mercury Advisory partners with Apex Clearing Corp., a broker-dealer regulated by FINRA. Apex Clearing must meet extensive capitalization, risk management, and compliance standards and offers customers SIPC

³ protection up to $500,000 in cash and securities, including a $250,000 limit for cash in the unlikely event the firm fails. Additionally, the securities selected by Mercury Advisory — which invest in U.S. Treasury bills, notes, and other liquid, high-quality money market instruments — are offered by highly rated fund managers with long histories of excellence in portfolio management.

If you have any questions about Mercury or our financial partners, don’t hesitate to reach out to [email protected] or visit our help center.