Mercury Launches Personal Banking
Mercury, the fintech over 100,000 startups use for banking*, today announced its expansion into consumer banking with the launch of Mercury Personal, a powerful personal banking experience designed with the best of today's technology to help builders in tech optimize their money.
Like Mercury for business, Mercury Personal delivers an intuitive product experience designed to simplify and improve banking tasks. Mercury Personal customers can set auto-transfer rules to move money between accounts, give access to additional users and customize permissions for each, issue multiple debit cards** with custom spending limits, and access up to $5M in FDIC insurance* through our partner bank and its sweep network. Mercury Personal customers can also earn a competitive 5.00% APY*** on high-yield savings accounts.
"As we celebrate the fifth anniversary of Mercury's launch, introducing Mercury Personal marks not just our expansion into consumer banking*, but a step forward in growing our relationships with the founders and tech leaders we serve," said Immad Akhund, co-founder and CEO of Mercury. "By offering personal banking* for founders and investors, we're able to deepen our relationship with them. Mercury Personal is a strategic move toward helping people and businesses operate at their best. This is our next step in building a generational company that innovates, supports, and grows alongside the most ambitious companies and individuals."
"Many founders and investors are not happy with their bank accounts today and often need to switch between several platforms to access a full suite of services," said Alexey Likuev, Head of Personal Banking at Mercury. "There is a paradox in today's banking landscape: most neobanks focus on a pretty basic offering aimed at lower-income individuals and the underbanked. On the other side of the spectrum, traditional banks offer private banking and wealth management services that involve regularly talking to a banker, even if it involves basic tasks like sending a wire. Most founders are just looking for a powerful self-service banking option they can use for their personal needs. And that is where Mercury Personal comes in."
Mercury Personal is designed and engineered for entrepreneurs, investors, and builders who want a self-serve banking option and a high-quality product experience to optimize their personal finances.
"I've been eagerly waiting for Mercury to launch a product like Mercury Personal, and it has surpassed my expectations," said Shane Mac, a multi-time founder and the mind behind XMTP, who was an early beta tester of Mercury Personal. "My experience with traditional banks has left me underwhelmed. It is difficult to do simple things and I get charged for regular tasks like domestic bank wires and ATM withdrawals. Mercury Personal has already seamlessly integrated into my life. It is nothing short of revolutionary for consumer banking, which has long felt disconnected from the tech sector's pace and innovation. It has the seemingly simple and magical features that have always set Mercury above the rest."
Mercury Personal will launch with a $240 annual subscription, providing customers with unlimited access to features such as a high-yield savings account, no-fee domestic wires and ACH transfers, customizable debit card** limits, worldwide ATM fee reimbursements, and more. There are no minimum balances, confusing fee schedules, or surprises. Interested individuals can join the waitlist now with general availability for U.S. customers coming later this year.
With Mercury Personal, customers can:
- Earn a competitive yield with high-yield savings accounts: Earn 5.00% APY*** on your money with high-yield savings account(s), under the same login as your checking account(s).
- Get enhanced FDIC insurance: Access up to $5M in FDIC insurance* through our partner bank and its sweep network, without needing to manage multiple bank accounts.
- Automate money management: Set up custom auto-transfer rules to manage your cash flow effortlessly.
- Customize accounts: Create multiple checking and savings accounts to categorize and organize your finances based on your financial goals.
- Collaborate on finances: Share just the right amount of access with those in your life, like your spouse or personal assistant, with custom permissions. Create accounts and debit cards** with specific spend limits tailored for each user or use case, like a card with a weekly or monthly spend limit or a specific grocery shopping card.
- Enjoy a seamless experience: Send no-fee wires, ACH transfers and checks without the need to talk to a banker. Utilize drag-and-drop invoice reading, create auto-transfer rules, request a payment easily, and seamlessly switch between Mercury business and personal accounts instantly.
- Secure funds: Use two-factor authentication (2FA) and Touch ID without sacrificing convenience.
- Pay one annual fee with transparent pricing: Enjoy no minimum balances, transaction limits, or hidden fees, under one simple subscription fee.
- Apply online: No need to visit a branch.
ABOUT MERCURY
Mercury is the fintech ambitious companies use for banking* and credit cards. Over 100K startups choose Mercury to confidently run their finances with the precision, control, and focus they need to operate at their best. To learn more, visit Mercury.com.
*Mercury is a financial technology company, not a bank. Business banking services provided by Choice Financial Group and Evolve Bank & Trust ®; Members FDIC. Personal banking services provided by Choice Financial Group; Member FDIC Certain conditions must be satisfied for pass-through insurance to apply. Learn more here.
**The Mercury Debit Card is issued by Choice Financial Group, Member FDIC, pursuant to license from MasterCard.
***Annual Percentage Yield (APY) is accurate as of 04/01/2024. This is a variable rate account. The interest rate and annual percentage yield may change at any time and without prior notice.
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