Mercury has launched a personal banking service designed to simplify and optimize the banking needs of startups.
The San Francisco fintech said in a press release that Mercury Personal is designed for founders and investors based on feedback from clients.
“By offering personal banking for founders and investors, we’re able to deepen our relationship with them,” Immad Akhund, Mercury’s CEO, said in the release.
“Mercury Personal is a strategic move toward helping people and businesses operate at their best,” he added. “This is our next step in building a generational company that innovates, supports, and grows alongside the most ambitious companies and individuals.”
Mercury Personal, which has a $240 annual subscription, aims to connect banking tasks across different platforms and allow clients to customize permissions. The platform offers up to $5 million in FDIC insurance through Mercury’s partner bank.
“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, the fintech’s head of personal banking. “Most founders are just looking for a powerful self-service banking option they can use for their personal needs.”