Digital banking startup Mercury abruptly shuttered service for startups in Ukraine, Nigeria, other countries

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The FDIC told TechCrunch that fintechs like Mercury are not under its direct jurisdiction but did not answer our questions on whether its guidance on Ukraine had changed.

Mysko said she’s now concerned that this situation is not restricted to just Mercury and is worried that it’s emblematic of “a problem in the whole banking system where banks don’t differentiate Ukraine from Russia.

African fintechs, including Raenest, Verto and Leatherback, that provide U.S.accounts to businesses will look to seize this opportunity and take in some of the affected customers.“This isn’t the first time African businesses have been threatened with service disruption by the likes of Mercury, Wise.

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Article Details

Author / Journalist: Mary Ann Azevedo, Christine Hall, Tage Kene-Okafor

Category: Technology

Markets: United StatesCroatiaNorth KoreaNigerNigeriaSingaporeUkraine

Topics: Business banking Fintech Startups Ukraine Exclusive Mercury

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-23 @ 17:19:53 (10 hours ago)

News Timezone: GMT -5:00

News Source URL: techcrunch.com

Language: English

Article Length: 1757 words

Reading Time: 10 minutes read

Sentences: 71 lines

Sentence Length: 25 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © TechCrunch

News ID: 21754282

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