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Fintech Mercury, whose B2B business is caught up in regulatory scrutiny, expands into consumer banking
Business banking startup Mercury, founded in 2020, is now launching a consumer banking product. Mercury today serves more than 100,000 businesses, many of
The FDIC also wasn’t happy that Choice hadn’t “vetted a compliance system Mercury was using, which the agency said was flagging a curiously low number of suspicious transactions.” Rubini added that partnering with a bank can help the startup by providing an initial platform and compliance framework, but then scaling up operations to a larger customer base can open up a different can of worms. Cesare Fracassi, associate professor of finance at the University of Texas at Austin, also told TechCrunch that business and consumer banking are “two different beasts, two different types of services.” But he’s a bit more bullish on fintechs trying their hand at both because he does see “obvious synergies involved in owning both the business and person” in the banking space.
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