Mercury is one step closer to opening a bank.
The fintech received conditional approval for deposit insurance from the Federal Deposit Insurance Corp. The FDIC is requiring the bank to have $300 million in initial capital.
The Office of the Comptroller of the Currency gave conditional approval in April.
“Deposit insurance approval isn’t a formality,” Jon Auxier, Mercury’s chief banking officer and the proposed bank’s president and CEO, shared on LinkedIn. “The FDIC’s review tests whether the institution behind those deposits has the risk management and operational discipline expected of an insured bank. Getting this approval is a validation of the work Mercury has put in to build the bank the right way.”
Mercury plans to open its bank in 2027.