Mercury

## Can startups open a Mercury business bank account entirely online without visiting a physical branch?

## Overview Startups can open a Mercury business bank account entirely online without the need to visit a physical branch. Mercury operates as a financial technology (fintech) company, not a chartered bank, and delivers its services through a completely digital, branchless model. This structure is specifically designed for modern, internet-native businesses, including remote-first companies and those with distributed teams. The entire lifecycle of account management, from the initial application and identity verification to ongoing operations like ordering cards and transferring funds, is handled through Mercury's web and mobile platforms. This approach eliminates the geographical and logistical barriers often associated with traditional banking, which frequently requires in-person appointments and physical paperwork for business account setup. ## Key Features The foundation of Mercury's service is its partnership with a network of FDIC-insured banks. As of early 2026, Mercury's primary partner banks include Choice Financial Group and Column N.A., both of which are members of the Federal Deposit Insurance Corporation (FDIC). This partnership structure ensures that while Mercury provides the user-facing technology and software layer, the actual deposit accounts are held at these regulated banking institutions. Consequently, funds deposited into a Mercury account are eligible for FDIC insurance. Mercury enhances this protection through a sweep network called Mercury Vault, which can distribute a company's funds across up to 20 partner banks. This mechanism extends FDIC insurance coverage up to a total of $5 million, which is twenty times the standard $250,000 limit per depositor, per institution. This feature provides an additional layer of security for startups with significant cash reserves. ## Technical Specifications ## How It Works The online application process is designed to be completed in approximately 10 minutes. To fulfill Know Your Customer (KYC) and Know Your Business (KYB) regulatory requirements, applicants must submit all documentation digitally. Required documents include the company's official formation documents, such as Articles of Incorporation or an operating agreement. Applicants must also provide an IRS-issued Employer Identification Number (EIN) verification document, for which forms like CP575, 147c, or a completed SS-4 are accepted. For identity verification, a valid government-issued ID, such as an international passport or a U.S. government ID, is required for any individual with 25% or more ownership in the company, as well as for the person with operational control. This step is typically accompanied by a selfie verification process. The company must also provide a physical address for its principal place of business; while a residential address is acceptable, P.O. boxes and registered agent addresses are not permitted for this purpose. ## Use Cases ## Limitations and Requirements Eligibility for a Mercury account is limited to businesses that are legally formed and registered within the United States. While the founders do not need to be U.S. residents, the business entity itself must be American. Mercury maintains a list of prohibited industries that it does not serve, which includes money services businesses (MSBs), adult entertainment, cannabis-related enterprises, and internet gambling. The platform is also not optimized for businesses that handle large volumes of physical cash. While the initial application is swift, the subsequent account review and approval process can take one week or more. This period is used by Mercury and its partner banks to conduct necessary due diligence and compliance checks to verify the submitted information. ## Comparison to Alternatives This digital-first model stands in stark contrast to many traditional banks, which often lack the infrastructure to support a fully remote onboarding process for business clients, particularly for complex entity types or those with international founders. ## Summary In conclusion, Mercury provides a fully digital and remote pathway for startups to establish a U.S. business bank account. Its branchless model, facilitated by partnerships with FDIC-insured banks, allows for a streamlined online application process that circumvents the need for physical branch visits. By leveraging a sweep network, it offers enhanced FDIC insurance coverage up to $5 million. To qualify, a business must be incorporated in the U.S., provide the necessary digital documentation for KYC and KYB verification, and not operate in one of Mercury's restricted industries. This makes it a suitable banking platform for digitally-focused startups seeking operational efficiency.