Dan Swislow is the Director of Policy and Government Affairs at Mercury, the fintech that ambitious companies trust with their finances. He is an active angel investor and startup advisor, and represents Mercury as a member of the Center for American Entrepreneurship’s Corporate Advisory Council. Formerly Head of Policy and Government Relations for the Americas at Block (NYSE: SQ), he built the Fortune 500 company’s U.S. state and local, Canada, and LatAm public policy functions. Dan co-founded The Payments Coalition, chaired the Electronic Transactions Association (ETA) State Government Relations Council, and was named to the 2019 ETA Forty Under 40 list. Before Block, Dan managed the Silicon Valley office of the National Democratic Institute (NDI) where he oversaw partnership with the tech sector. Dan holds an MPP from Georgetown, a BA from NYU, and studied business at IIM Ahmedabad in India. He has been a speaker or panelist at events on five continents.
⭐️ To start, tell us about Mercury’s mission and how the company powers startups and entrepreneurs.
Startups move fast, but traditional banking hasn’t kept up. Mercury was built to give founders modern financial tools that make running a business easier, not harder.
Before Mercury, our co-founder and CEO saw how outdated systems and clunky experiences slowed businesses down. So in 2017, we set out to change that. Today, over 200,000 companies rely on Mercury’s banking*, credit cards, and software to manage their finances seamlessly—free checking and savings, easy online account opening, free domestic wires, and a powerful API.
Early-stage SMBs are a famously vulnerable business population, with high failure rates despite being a critical engine of employment, productivity, and innovation in the U.S. economy. Nearly 70% of Mercury customers sign up within six months of incorporation, underscoring our commitment to supporting entrepreneurs when they need it most. By removing barriers and providing the right tools, we help businesses compete, scale, and build the future.
⭐️ Mercury offers robust, simplified, and secure banking solutions tailored for startups, yet it isn’t a traditional bank. Can you explain how Mercury works with banking partners to deliver its services to startups?
Mercury is a technology company, not a bank—but that’s by design. We work with multiple regulated partner banks to provide secure access to the U.S. banking system while focusing on building innovative financial products for startups. This model ensures redundancy, resiliency, and flexibility, so we can serve businesses at every stage of growth.
We have direct integrations with all of our bank partners. This allows us to maintain control over our operations and ensure a close, transparent relationship with our banking partners.
Bank-fintech partnerships are mutually beneficial, particularly for smaller, regional banks facing increasing competition due to industry consolidation. Working with fintechs like Mercury helps them grow their deposit base, diversify revenue streams, and modernize their offerings through responsible innovation.
We take partner selection seriously, conducting rigorous due diligence to assess financial stability, compliance commitments, and overall fitness. Every banking partner is U.S.-based, federally regulated, and holds a strong commitment to sound business practices.
⭐️ As a new Congress and Administration takes office, what financial policy or regulatory changes would best support the future of financial innovation, competition, and choice? From your vantage point as Director of Policy & Government Affairs, how does Mercury aim to contribute to these evolving regulatory landscapes?
At Mercury we have paid special attention to policies shaping how fintechs can responsibly partner with banks. These arrangements have been the driver for innovation in financial services in recent years, offering immense value for customers and also for smaller banks competing with increased consolidation.
Financial innovation is evolving rapidly, but outdated regulatory approaches create uncertainty. The new administration should modernize oversight by investing in specialized training for examiners, more cross-agency collaboration and alignment on key issues like TPRM and AML, and public-private partnership through advisory groups and innovation offices.
The rules of the road need updating, too. That’s why we became a founding member of the Coalition for Financial Ecosystem Standards (CFES), an industry effort to establish a common risk and compliance framework for banks partnering with fintechs. An updated, agreed-upon common language for these partnerships will provide clarity and complement the work of bank regulators, ultimately making fintech products safer for customers.
A more modern regulatory approach should also allow banks to share certain confidential supervisory information (CSI) with fintech partners, which would also promote proactive compliance, reducing risks and building trust. BSA/AML rules should be updated to reflect how startups operate today—many are remote-first, frequently relocate, or exist as fully virtual entities. Fintechs should also have clearer pathways to bank charters to increase regulatory certainty while expanding financial access.
Transparency is key to a resilient financial system. Mercury leads by example, offering sweep bank statements so customers know exactly where their funds are held. Thoughtful reforms—such as the proposed rule to ensure proper recordkeeping for custodial deposit accounts—further strengthen trust.
By prioritizing transparency, collaboration, and modernized oversight, policymakers can create a regulatory environment that supports financial innovation while maintaining system integrity. Mercury stands ready to be a partner in that effort.
⭐️ Launching a business can be a challenging and intimidating endeavor, with many entrepreneurs finding it difficult to gain inclusion in established networks. Can you elaborate on how Mercury Raise fosters a supportive community for startups?
Launching a startup is tough—a common refrain is that 90% fail, often because founders struggle to access the right connections, knowledge, and funding. Making sure these early stage companies can compete is critical to economic growth and technological innovation. The growth of the number of new businesses in the US economy, what’s referred to as the “startup rate,” has a massive impact on employment and productivity.
But traditional financial institutions aren’t built to support the challenges startups face. Mercury saw an opportunity to do more. That’s why we created Mercury Raise, a platform designed to help founders navigate the toughest parts of their journey.
Raise connects startups with investors, peer communities, and expert guidance to help them fundraise, scale, and grow. By leveraging our network, we’ve facilitated thousands of introductions for founders looking to secure capital and build lasting relationships.
When startups succeed, everyone benefits—innovation accelerates, jobs are created, and economic growth strengthens. Mercury Raise is our commitment to fostering a thriving entrepreneurial ecosystem.
* Mercury is a fintech company, not an FDIC-insured bank. Checking and savings accounts are offered by our bank partners Choice Financial Group, Column N.A., and Evolve Bank & Trust; Members FDIC. Deposit insurance covers the failure of an insured bank. Checking and savings account deposits may be held by sweep network banks. Certain conditions must be satisfied for pass-through insurance to apply.