Mercury has attracted over $2 billion in deposits since SVB fell.

It also released a new product called Vault, so people could park their cash beyond those amounts into a money market fund composed primarily of government-backed T-bills. 

Even while regional banks are the exact lenders that have been facing instability in recent weeks, Akhund still sees their strategy as fail-proof because their deposits largely stay in FDIC-insured accounts. He says that the amount of uninsured deposits across Mercury is “relatively small.”

In the first few days after the collapse, the company saw more than $2 billion in deposits. And in all of March, Mercury saw nearly 8,700 new customers depositing funds into its accounts.

“It was by far our biggest month we’ve had at Mercury, a huge inflow,” Akhund recalls. “We tried to prioritize people coming from SVB and even built some tools so they could connect to SVB accounts.”

But it wasn’t a short-term boom, something that Akhund was worried about.

The company claims that 95% of its net new customers have stayed with Mercury nearly 90 days out from the SVB crisis and that those deposits have held steady. Also, that new customer growth has continued even after the SVB crisis has settled, with the company having doubled new signups per month since April — leading to 17,000 total new customers depositing funds from April to June. The company says it crossed the 100,000 customer mark in 2022.

That recent surge of customers has contributed to the company’s annualized revenue run rate growing 4x year-over-year from May 2022 to May 2023. Overall, in 2022, Mercury processed $50 billion in transactions. In the first half of 2023 alone, the company has processed more than $42 billion in transactions. Mercury also, he said, has been profitable for the last 12 months. He declined to say how many customers the company specifically has today, saying only that it is “over 100,000.”