Fintech Nexus Newsletter (April 17, 2024): B2B fintech Mercury adding a consumer offering
There have been quite a few fintech startups in recent months that have pivoted to B2B from B2C (Tally, HMBradley, Onyx Private for example), but we haven’t seen any fintechs go in the other direction until Mercury announced their personal banking product today.
To be fair Mercury is in a very different position to the aforementioned companies. According to TechCrunch they have been profitable for seven consecutive quarters and have been growing rapidly.
And they are not doing a pivot, they are expanding into a consumer offering after being focused exclusively on B2B up until now.
Mercury CEO Immad Akhund says it is a natural move for the company. They are not trying to compete with Dave or Chime, they are focused on serving their existing business users with a consumer banking product.
It is an interesting move, given the regulatory complexity of consumer products and the fact that they are already under increased regulatory scrutiny.
Jason Mikula, who has been following Mercury closely, was quick to chime in on X where he dug into some of the details of the personal banking offering.
The personal banking space is already very crowded, so it will be interesting to see if Mercury gets much traction.
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By Mary Ann Azevedo
Business banking startup Mercury, founded in 2017, is now launching a consumer banking product. Mercury today serves more than 100,000 businesses, many of which are startups, via its B2B practice.
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