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Fintech Mercury, whose B2B business is caught up in regulatory scrutiny, expands into consumer banking

TechCrunchTechCrunch · 7m
Fintech Mercury, whose B2B business is caught up in regulatory scrutiny, expands into consumer banking

Mercury, a business banking startup that currently serves over 100,000 businesses, is expanding its services to include consumer banking. The company's CEO, Immad Akhund, stated that the decision to offer personal banking products was based on customer demand. Unlike many neobanks that focus on the underbanked, Mercury aims to cater to power users who require features like wire transfers and support for multiple users. The expansion comes at a time when the company has faced federal scrutiny over its practice of allowing foreign companies to open accounts. Despite these challenges, Mercury plans to leverage its existing software and expertise to provide a seamless transition into consumer banking.

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