Fintech Firm Mercury Applies for National Bank Charter

Digital banking firm Mercury Technologies Inc. has applied for a national bank charter, joining a wave of companies seeking to secure a coveted license under the Trump administration’s relatively permissive approach to fintech regulation.

Mercury said Friday that it submitted applications to the Office of the Comptroller of the Currency for a national bank charter and to the Federal Deposit Insurance Corp. for deposit insurance. As a chartered bank, the 8-year-old company would be able to provide banking services directly rather than relying on partners.

Immad Akhund speaks at Mercury Spheres in San Francisco.

Photographer: Kelly Sullivan/Getty Images

“Trust is a big deal,” Mercury co-founder and Chief Executive Officer Immad Akhund said ...