Mercury, a fintech focused on startups and venture capitalists, has applied for a national bank charter with the Office of the Comptroller of the Currency (OCC). The company announced the appointment of Jon Auxier as its chief banking officer and president and CEO of the proposed bank. Auxier previously worked as CFO at SoFi Bank, where he played a significant role in its transition to a banking entity. His experience also includes senior roles at Green Dot and Goldman Sachs. The move to apply for a charter highlights Mercury's ambition to enhance its operations and customer offerings. Auxier emphasized that few fintechs have the financial strength to pursue a national charter and noted that Mercury is profitable with a robust balance sheet. The application follows a trend among fintechs, especially in the crypto space, where several have recently received approvals for national trust bank charters. Notably, PayPal has also applied for a Utah-chartered industrial loan company, indicating a broader shift in the fintech landscape. As part of its charter application, Mercury is seeking deposit insurance from the Federal Deposit Insurance Corporation (FDIC) and plans to apply to the Federal Reserve to become a financial holding company. CEO Immad Akhund stated that becoming an FDIC-insured national bank aligns with Mercury's long-term strategy, aiming to improve customer experience and provide greater stability and trust in its banking services.