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Fintech Nexus E-newsletter (April 17, 2024): B2B fintech Mercury including a shopper providing

There have been fairly just a few fintech startups in current months which have pivoted to B2B from B2C (Tally, HMBradley, Onyx Non-public for instance), however we haven’t seen any fintechs go within the different route till Mercury introduced their private banking product right this moment.

To be honest Mercury is in a really completely different place to the aforementioned corporations. In response to TechCrunch they’ve been worthwhile for seven consecutive quarters and have been rising quickly. 

And they don’t seem to be doing a pivot, they’re increasing right into a shopper providing after being targeted completely on B2B up till now.

Mercury CEO Immad Akhund says it’s a pure transfer for the corporate. They don’t seem to be making an attempt to compete with Dave or Chime, they’re targeted on serving their present enterprise customers with a shopper banking product.

It’s an attention-grabbing transfer, given the regulatory complexity of shopper merchandise and the truth that they’re already below elevated regulatory scrutiny.

Jason Mikula, who has been following Mercury carefully, was fast to chime in on X the place he dug into among the particulars of the private banking providing.

The non-public banking house is already very crowded, so it will likely be attention-grabbing to see if Mercury will get a lot traction.

> Fintech Mercury, whose B2B enterprise is caught up in regulatory scrutiny, expands into shopper banking

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Enterprise banking startup Mercury, based in 2017, is now launching a shopper banking product. Mercury right this moment serves greater than 100,000 companies, lots of that are startups, by way of its B2B apply.

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Additionally Making Information

  • USA: Bankjoy and Pinwheel Companion to Simplify Direct Deposit Setups
    Bankjoy and Pinwheel have partnered to assist monetary establishments supply their prospects a frictionless technique to arrange their direct deposit. With this collaboration, Bankjoy will assist its financial institution and credit score union purchasers combine Pinwheel’s digital deposit switching (DDS) answer, Pinwheel Prime, the businesses mentioned.

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  • Peter RentonPeter Renton

    Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media firm targeted on fintech. Peter has been writing about fintech since 2010 and he’s the writer and creator of the Fintech One-on-One Podcast, the primary and longest-running fintech interview collection.

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