US neobank Mercury enters consumer banking market with Mercury Personal
Mercury, a US-based neobank claiming to serve over 100,000 start-ups, has unveiled the launch of its consumer-focused product, Mercury Personal, a self-service banking solution tailored for entrepreneurs and investors.
Mercury to launch consumer banking solution Mercury Personal
Founded in 2017, Mercury states customers of its new solution will have access to features such as customisable debit card limits, worldwide ATM fee reimbursements, no-fee domestic wires and ACH transfers, alongside no minimum balances.
In addition, at the time of its launch, Mercury Personal offers potential customers up to $5 million in Federal Deposit Insurance Corporation (FDIC) insurance cover and a high-yield savings account with a 5% annual percentage yield (APY) for a $240 annual subscription fee.
Alexey Likuev, head of personal banking at Mercury, states there is a “paradox in today’s banking landscape”, noting that while most neobanks target “pretty basic offerings” for lower-income individuals and the underbanked, traditional banks provide private banking and wealth management services which involve “regularly talking to a banker”.
Likuev asserts that Mercury Personal is an attempt to fill this perceived gap in the market and serve enterprise founders who are “just looking for a powerful self-service banking option they can use for their personal needs”.
The fintech announces that, for the time being, interested individuals can sign up for a waiting list for the solution, with the company anticipating a full launch for US customers later this year.
