Mercury, a leading FinTech company used by over 100,000 startups for business banking, has now ventured into consumer banking with its new offering, Mercury Personal.
This new service aims to transfer the simplicity and powerful features of its business banking model to individual tech builders, optimizing personal money management with state-of-the-art technology.
Mercury Personal brings a suite of intuitive banking tools designed to enhance the user experience. Customers can enjoy features such as auto-transfer rules for easy money movement, the issuance of multiple debit cards with customizable spending limits, and advanced permission settings for additional users.
Furthermore, Mercury Personal account holders benefit from up to $5m in FDIC insurance via a partner bank’s sweep network, along with an attractive 5.00% APY on high-yield savings accounts, setting a new standard in competitive banking yields.
Mercury CEO Immad Akhund said, “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.
“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.”
Alexey Likuev, Head of Personal Banking at Mercury, said, “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.
“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.”
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