Fintech company Mercury today announced that it has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish Mercury Bank, N.A., a national bank that will allow Mercury to deliver its vision for banking directly to customers under full federal oversight.

With the OCC’s conditional approval, Mercury enters the bank organization phase, during which it will work to satisfy remaining requirements and obtain final authorization from the OCC, as well as pending approvals from the FDIC and the Federal Reserve. Throughout this period, customers will continue using Mercury exactly as they do today, with the same accounts, same products, and same support.

As Mercury Bank becomes fully operational, customers will gain capabilities they cannot access today: Zelle built directly into Mercury Bank accounts for person-to-person and business payments, an expanded suite of lending products for businesses and individuals, and deeper payments infrastructure for faster money movement and more direct control over how payments are processed.

“We applied for this charter because the best founders in the country deserve a bank that was built for them,” said Immad Akhund, co-founder and CEO of Mercury. “Our customers have been asking for Zelle, for expanded lending, for payment infrastructure we actually control. We couldn’t give them those things without a bank charter. Those gaps have always bothered me. This is how we start closing them.”

Jon Auxier will serve as CEO and President of Mercury Bank. He previously served as CFO of SoFi Bank and Corporate Treasurer of SoFi Technologies, where he helped lead the successful implementation of SoFi’s national bank charter. He previously held senior roles at Green Dot, Goldman Sachs, and a global accounting firm.

“The work now is earning trust by building the bank our customers deserve,” said Auxier. “That means the operational infrastructure and risk management discipline to match the standard Mercury’s product has already set.”

Mercury first announced its intent to pursue a national bank charter in December 2025. The application was submitted alongside an application for federal deposit insurance with the FDIC. Later, Mercury Technologies, Inc. will separately file an application with the Federal Reserve to become a bank holding company. Mercury Bank, N.A. will be headquartered in Utah.

Following conditional approval, Mercury will continue working with regulators to satisfy all remaining requirements needed to receive final authorization and launch Mercury Bank, N.A. Mercury will continue operating with its existing partner banks while preparing the infrastructure and team required to support the new institution.