Mercury and other fintechs serving startups are seeing demand spike. But can they hold on to the new customers?
The deluge of new account requests began hitting San Francisco-based Mercury last Thursday morning, the day after Silicon Valley Bank announced that it had sold $21 billion in securities at a $1.8 billion loss and needed to raise more capital. Over the weekend, as federal bank regulators scrambled to make sure SVB’s failure didn’t set off a broader bank run, Mercury’s workers scrambled too; its normal account-opening staff was doubled to 60, as risk and compliance pros, plus volunteer software engineers and salespeople (who got a crash course in how to verify and approve new customers), pitched in.
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