Mercury, a company that provides banking services for startups, announced the expansion of FDIC insurance for up to $3M in the aftermath of the collapse of Silicon Valley Bank.
Mercury would give its clients the option of moving funds to the Vanguard money market, which invests 99.5% in mutual funds under the client's name.
“If you need to have $2 million in your operational account, we’ll make sure there is $2 million there so you can make payroll and things like that and the rest will be swept into the U.S. government, T-bills and mutual funds,” said Mercury's CEO Immad Akhund.
- The company claims to have been profitable since August 2022.
- In 2022, Mercury processed $50B in transactions, up from $23M the year prior.
- The banking services company is funded by Andreessen Horowitz, Coatue, and CRV, among others.
