Company Research Report: Mercury
Company Overview
- Name: Mercury
- Mission: Simplified financial workflows powered by the bank account
- Date Founded & Founders: No information available
- Key People:
- Lindsay Liu (CEO & co-founder, Super)
- Headquarters:
- San Francisco, CA
- New York, NY
- Portland, OR (Further details not provided)
- Number of Employees: 650+
- Revenue: No information available
- Notable Recognition:
- Fast Company’s Most Innovative Companies
- Forbes’ Fintech 50
- Fortune’s Best Places to Work (#16 out of 100 in 2023)
- TechCrunch mention
Mercury is known for transforming and simplifying banking for startups by providing powerful and integrated financial tools and services.
Products
1. Business Banking
- Description: FDIC-insured bank accounts with the protection of up to $5M through partner banks' sweep networks.
- Key Features:
- Checking and savings accounts with no monthly fees.
- Debit and credit cards.
- Online ACH, wires, & checks.
- Free domestic and international wires (USD).
- Up to 5.29% yield ($500K minimum balance).
2. Treasury
- Description: Treasury management services to earn yield on idle cash.
- Key Features:
- Earn up to 5.29% yield on idle cash.
- Managed by Vanguard and Morgan Stanley mutual funds.
- FDIC insurance and SIPC protection.
3. Corporate Credit Cards
- Description: Credit cards with generous features tailored for startups.
- Key Features:
- 1.5% cashback on all spend.
- Early unlocking with lower deposit minimums.
4. Financial Workflows
- Description: Tools designed to improve financial operations and workflows.
- Key Features:
- Bill Pay: AI-populated bill details, multi-layered approvals, Slack approvals.
- Invoicing: Professional invoices, multi-payment options, recurring invoices.
- Accounting Automations: Sync with QuickBooks, Xero, and NetSuite, automated receipt nudges.
- Spend Management: Custom card limits, permissions, subscription detection.
5. Venture Debt
- Description: Financing options for growing startups.
6. SAFEs
- Description: Simple Agreement for Future Equity options for non-priced fundraises.
7. Personal Banking
- Description: Personal accounts with powerful banking features.
- Key Features: Available with yearly subscription.
Recent Developments
New Products & Features
- Mercury Treasury: Offering up to 5.29% yield on assets through reputable fund managers.
- Mercury Raise: A platform connecting founders with investors and fundraising tools.
- Enhanced Invoicing & Bill Pay: Introduction of smarter invoicing and more precise bill payment tools.
- IO Credit Card Introduction: Integrated startup-friendly credit cards with cashback and generous credit limits.
- Moon Card (coming soon): Reimbursement solutions.
Partnerships
- Choice Financial Group & Evolve Bank & Trust: Main banking service providers ensuring FDIC insurance.
- Apex Clearing Corp: Partner for Treasury products.
- Platform Integrations: Including QuickBooks, NetSuite, and Xero for accounting automations.
- SWIFT International Wires: Clear and transparent wiring options for international money transfers.
- Enhanced FDIC Coverage: Expanded FDIC insurance through sweep network programs, providing customers greater peace of mind.
Recent Highlights
- Increased Customer Base: Significant growth seen following the collapse of SVB, with Mercury adding 26K customers in four months.
- Innovation Recognitions: Recognized by Fast Company and Forbes for innovation and significant impact.
Conclusion
Mercury continues to innovate in the fintech space, specifically catering to startups and growing businesses. By integrating a plethora of services and features into a singular, accessible platform, Mercury aims to streamline financial operations, offering FDIC-insured banking, powerful treasury management, and robust financial workflow tools tailored for entrepreneurial and startup needs. The company, supported by strategic partnerships and a strong customer-centric approach, has positioned itself as a top choice for business banking, especially for tech and startup ecosystems.
