Mercury CEO Says Bank Charter Must Be Fintech's Top Priority to Succeed

Fintechs should only pursue a bank charter when it can become the company's overriding objective, Mercury Bank CEO and President Jon Auxier said Friday at the Federal Reserve Bank of Philadelphia's annual fintech conference. Chartering "affects the operations of the business a ton, as it should," said Auxier, who will lead Mercury Bank when it launches by late 2027. Mercury is currently conditionally chartered after applying for a national bank charter in December 2025. Auxier, who helped lead SoFi's national bank charter effort, said pursuing a charter touches every function within an organization. SoFi Bank EVP Eric Schuppenhauer said the transition requires hiring executives with prior experience. SoFi grew from roughly 3 million users pre-charter to 15.8 million customers, adding about 1 million per quarter. Square Financial Services CEO Richard Rosenthal said a charter and its accompanying regulation are "a feature," enabling faster execution when foundational controls are built correctly.