“Becoming an FDIC-insured national bank aligns with our long-term vision and will allow Mercury to deliver a better customer experience at scale,” Immad Akhund, Mercury co-founder and CEO, said in the release. “We’ve built Mercury for ambitious companies and individuals. Once we receive regulatory approval, a charter will let us deliver greater stability, long-term confidence, and trust, while continuing to redefine what radically different banking means.”
Jon Auxier would serve as CEO of the proposed Mercury Bank. Auxier, who was chief financial officer of SoFi Bank, was also named to serve as Mercury’s chief banking officer.