Fintechs partner with banks like evolve to do the actual banking. So when you open an account with mercury, under the hood they’re opening an bank account with

Fintechs partner with banks like evolve to do the actual banking. So when you open an account with mercury, under the hood they’re opening an bank account with a bank and sending transactions through it. There’s a lot of kyc/kyb regulation around financial services. Eg banks can’t provide services to certain people. So the underlying bank needs to know who you are. > Why not partner with a major bank, or Column? Column didn’t exist when mercury was founded. And it’s not that easy to secure a banking partner. Its not like signing up for a free checking account.