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.
Featured
> Fintech Mercury, whose B2B business is caught up in regulatory scrutiny, expands into consumer banking
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.
From Fintech Nexus
> Fintechs and cybersecurity: Why establishing a governance plan is more critical than ever
By James Lichau
Cybersecurity needs to be a focus for fintech companies right now. Here are the most important factors to consider to ensure strong cybersecurity governance.
Podcast
Tommy Nicholas, CEO & Co-Founder of Alloy on fighting fraud
Fighting fraud for banks and fintechs is more challenging today than ever before. But there is reason for optimism in this…
Listen Now
Webinar
How to Maximize Conversions, Minimize Fraud at Account Opening
May 2, 2pm EDT
Both banks and fintech want onboarding new customers to be secure, simple and fast. But there is a delicate balance. Make…
Register Now
Also Making News
- USA: Klarna credit card launches in the US as Swedish fintech grows its market presence
Klarna is launching its credit card in the United States, the Swedish fintech giant told TechCrunch in an exclusive interview. “It was one of our most asked for products,” said David Fock, Klarna’s chief product and design officer, “and will allow people to pay in the Klarna way but with a card.”
- Global: Yes, AI is coming for your job. Here’s why you shouldn’t worry
Financial industry workers don’t need to be concerned about losing their jobs to AI — they need to be concerned over which of the many opportunities they will want to seek out when the time comes.
- USA: Bankjoy and Pinwheel Partner to Simplify Direct Deposit Setups
Bankjoy and Pinwheel have partnered to help financial institutions offer their customers a frictionless way to set up their direct deposit. With this collaboration, Bankjoy will help its bank and credit union clients integrate Pinwheel’s digital deposit switching (DDS) solution, Pinwheel Prime, the companies said.
- Global: Bitcoin’s Halving Is Coming. Miners Are Looking for New Ways to Make Money
Crypto-industry companies turn to artificial intelligence to diversify.
- USA: Jamie Dimon Has a New Vision for Money in an AI World
In this episode of The Circuit with Emily Chang, the JPMorgan CEO says the tech will infiltrate all aspects of banking, but it can’t be a stock picker.
- UK: The rise of digital wallets: A look at the UK’s payment revolution
How are digital wallets reshaping retail and ecommerce across the UK?
To sponsor our newsletters and reach 180,000 fintech enthusiasts with your message, contact us here.