Mercury, a US-based neobank, has ventured into the consumer banking market with the launch of “Mercury Personal.”

Mercury, a neobank based in the United States catering to over 100,000 startups, has introduced its latest offering, Mercury Personal. This consumer-oriented banking solution is tailored specifically for entrepreneurs and investors.

Established in 2017, Mercury highlights that users of its new product will enjoy benefits such as customizable debit card limits, global ATM fee reimbursements, fee-free domestic wires and ACH transfers, all without requiring minimum balances.

Moreover, at its launch, Mercury Personal offers potential customers up to $5 million in Federal Deposit Insurance Corporation (FDIC) insurance coverage. Additionally, subscribers can access a high-yield savings account with a 5% annual percentage yield (APY) for an annual subscription fee of $240.

Alexey Likuev, Mercury’s head of personal banking, remarks on what he sees as a “paradox in today’s banking landscape,” noting that while most neobanks focus on offering “basic offerings” aimed at lower-income individuals and the underbanked, traditional banks provide private banking and wealth management services, which typically involve frequent interactions with a banker.

Likuev asserts that Mercury Personal aims to address this perceived gap in the market by providing enterprise founders with a robust self-service banking option tailored to their personal needs.

The fintech announces that, for the time being, interested individuals can sign up for a waiting list for the solution, with the company expecting a full launch for US customers later this year.

Source: fintechfutures.com