The Guide to Mercury for US-Incorporated Startups
Sarah Jenkins
Senior Fintech Analyst • Oct 02, 2025
Introduction
For years, non-US founders incorporating in the US (typically Delaware C-Corps) faced a massive hurdle: physically flying to the US to walk into a bank branch and open an account. Mercury changed the game.
Mercury is not a bank (it is a financial technology company), but it partners with Evolve Bank & Trust and Choice Financial Group to offer FDIC-insured accounts specifically designed for startups—completely remotely.
Why Mercury is the Gold Standard for Startups
1. Remote-First Setup
Mercury allows founders from most countries (except those on sanctions lists) to open a US bank account for their US entity without stepping foot in America.
2. The Tech Stack
Mercury feels like a software product, not a bank.
- API Access: Programmatically check balances or make payments.
- Virtual Debit Cards: Issue cards instantly for team members.
- Venture Debt: They offer lending products specifically for VC-backed startups.
The Application Process
To apply for Mercury, you need your legal house in order. You cannot apply as an individual; you must have a US company.
Checklist:
- Articles of Incorporation: Filed with Delaware (or other state).
- EIN (Employer Identification Number): Issued by the IRS. Note: This is the most common bottleneck. It can take weeks to get an EIN if you are international.
- Passport: For the founder/owner.
Fees and Limits
Mercury is popular because it has no monthly fees, no minimum balance, and free domestic wires. They make money on the "interchange" (when you swipe your card) and on deposits held.
Is it right for you?
Mercury is specifically built for startups and tech companies. If you are a dropshipper or a high-risk business, Mercury may decline your application. They prefer businesses with clear venture potential or SaaS business models.
Conclusion
If you have gone through the effort of forming a US LLC or C-Corp, Mercury is arguably the best banking partner to manage your USD operations, offering a blend of safety (FDIC insurance) and modern software features.
Sarah holds a Master’s in Finance from LSE and has spent over a decade analyzing cross-border payment systems. She previously worked as a compliance officer for a major European bank and now helps businesses navigate the complex world of international finance.