Mercury: US Business Bank Definition
What is Mercury bank? Learn how it works for non-US founders, account requirements, and why it is the preferred choice for startups.
Definition
Mercury is a US-based online business bank founded in 2019 (formerly Metalfoobar Inc.) that provides banking services specifically designed for startups, SaaS companies, and tech businesses.
Note: “Mercury” should not be confused with “Mercury General” (an insurance company). The bank is often referred to as “Mercury” or “Mercury Bank” in startup communities.
Why Non-US Founders Use Mercury
| Feature | Mercury | Traditional US Banks |
|---|---|---|
| Non-US Founder Acceptance | Yes (with requirements) | Limited |
| Online Application | Yes | Usually requires in-person |
| Monthly Fees | $0 | $10-$50 |
| Minimum Balance | $0 | $500-$5,000 |
| API Integration | Yes (for fintech users) | Rare |
Requirements for Non-US Founders
Essential Documents
| Document | Purpose | Notes |
|---|---|---|
| EIN Confirmation Letter | Business identity | CP 575 or 147c from IRS |
| Articles of Organization | State registration proof | PDF from formation state |
| US Phone Number | Verification | Google Voice works |
| Functional Website | Business legitimacy | Must have privacy policy |
Address Requirements (Critical)
Mercury REJECTS:
- Registered Agent addresses
- P.O. Boxes
- Virtual mailbox addresses
- CMRA (Commercial Mail Receiving Agency) addresses
Mercury ACCEPTS:
- Your home country address (working remotely is fine)
- US friend’s or co-founder’s address
- US office lease address
Solution: Use your actual residential address (even if foreign) as your “Physical Operating Presence.” Use RA address only as “Legal Address.”
How to Open a Mercury Account
Step 1: Prepare Documents
- EIN letter (CP 575 or 147c)
- Articles of Organization (PDF)
- Functional website with privacy policy
- US phone number for verification
Step 2: Online Application
- Go to mercury.com
- Click “Open an account”
- Enter business information (EIN, formation state, industry)
- Add owner information (name, address, ownership %)
- Submit for review
Step 3: Verification (3-7 days)
Mercury reviews applications manually. They may request:
- Additional business documentation
- Proof of address (utility bill or bank statement)
- Explanation of business model
Step 4: Account Activation
Once approved, you receive:
- Account and routing numbers
- Online banking access
- Debit card (mailed to your address)
Mercury Features for Startups
Banking
- Multi-signature support for treasury management
- Sub-accounts for separating funds (e.g., taxes, payroll)
- Wire transfers (domestic and international)
- ACH payments
Integration
Visa Debit Card
- Worldwide acceptance
- No foreign transaction fees
- FDIC insured up to $250,000
Common Issues for Non-US Founders
1. RA Address Rejection
If you use your Registered Agent address as your “Physical Address,” Mercury will reject your application. Always use your actual residential or operating address.
2. Website Verification
Mercury checks if your website is functional and has clear business information. A landing page with just “coming soon” will not pass verification.
3. Phone Number Verification
You need a US phone number for verification. Google Voice or similar VoIP services work.
Mercury vs Relay
| Feature | Mercury | Relay |
|---|---|---|
| Non-US Founders | Yes | Yes (requires US address) |
| US Address Rejection | RA addresses rejected | RA addresses rejected |
| Multi-Subaccounts | Up to 20 | Up to 99 |
| API Access | Yes | Limited |
| Best For | Tech startups, SaaS | Teams needing subaccounts |
Related Terms
- EIN: Essential tax ID for US business operations and bank account opening.
- KYC: Identity verification process required by all US financial institutions.
- Stripe: Leading payment processor that integrates with Mercury accounts.
This is a dictionary entry. For full banking guide, see Mercury vs Relay Banking