Mercury Launches Exclusive Mutual Fund Products with Morgan Stanley Investment Management and State Street Investment Management

Mercury Treasury seeks to deliver higher net yield, lower fees, and integrated cash management for startups and scaling businesses

SAN FRANCISCO--(BUSINESS WIRE)--Mercury, the technology company providing radically different banking¹, today announced the launch of two Mercury-exclusive Treasury² products built in partnership with Morgan Stanley Investment Management and State Street Investment Management.

The new Treasury offerings are custom designed to help startups and scaling businesses earn a competitive return on idle cash while maintaining the liquidity and conservative investment profile customers expect from Treasury products.

The launch includes:

• MCRYX, a Mercury-exclusive ultra-short bond fund built with Morgan Stanley Investment Management. It currently yields up to 3.88% through Mercury Treasury and is live today for customers.³
• MRGXX, a Mercury-exclusive share class of State Street Investment Management’s government money market fund, is available in the coming weeks. The share class was built with State Street Investment Management and carries a lower expense ratio than Mercury's previous government money market fund offering, passing more yield directly to customers.

The funds are designed to help customers pursue higher net yields than Mercury's previous Treasury offerings without adding credit risk or extending duration.

“Founders and finance teams shouldn’t have to move money across platforms or take unnecessary risk to earn a competitive return on their cash,” said Dan Kang, CFO of Mercury. “We built these funds with Morgan Stanley Investment Management and State Street Investment Management to give our customers exclusive access to institutional-quality Treasury products directly inside Mercury.”

Fast growing companies including ElevenLabs, Supabase, and Linear use Mercury Treasury to manage their cash. With global venture funding exceeding $500 billion in just the first six months of 2026, the volume of capital that early-stage companies need to manage has never been higher and the demand for high-quality treasury offerings that preserve liquidity and yield has grown with it. Mercury’s approach prioritizes responsible yield, liquidity, and integration, working with two of the largest asset managers to build offerings that are simpler to hold through Mercury and do not change the underlying risk profile.

“We’re seeing growing demand from startups and finance teams for cash management solutions that combine liquidity, operational simplicity, and institutional-quality investment products,” said Scott Wachs, Global Head of Liquidity Product at Morgan Stanley Investment Management. “We are pleased to expand our partnership with Mercury by making the MSIFT Ultra-Short Strategy Portfolio (MCRYX) available to Mercury customers.”

“More than ever, today’s businesses require cash management solutions that are predictable, reliable, and transparent,” said Kim Hochfeld, Senior Managing Director, Global Head of Cash, Securities Lending and Digital Assets at State Street Investment Management. “We are thrilled to partner with Mercury, whose intuitive platform is redefining treasury management for modern companies. Combined with our cash management capabilities, this partnership will help our shared clients utilize high-quality liquidity solutions with greater transparency and operational efficiency.”

Later this year, Mercury will introduce Treasury Ladders to give customers a way to structure their cash across individual US Treasury securities and plan around future needs with more precision. Within Mercury’s product, customers will be able to better understand their business’s cashflows and build a portfolio tailored to their specific outlook.

To learn more about the new funds available through Mercury Treasury visit mercury.com/treasury.

About Mercury

Mercury is radically different banking¹ — engineered from the ground up to hold, move, and help you truly understand your money like never before. Everything you need is built in: cards, invoicing, bill pay, spend management, real-time insights, intelligent categorization. And because it all lives in one place, it gets smarter the more you use it — surfacing what you need, when you need it, in ways a patchwork of tools never could. To join the more than 300K entrepreneurs that trust Mercury, visit mercury.com.

¹ Mercury is a fintech company, not an FDIC-insured bank. Banking services provided through Choice Financial Group and Column N.A., Members FDIC. The IO Card is issued by Patriot Bank, N.A., Member FDIC, pursuant to a license from Mastercard International Incorporated.

² Mercury Treasury is offered by Mercury Advisory, LLC, an SEC-registered investment adviser ("Mercury Advisory"). This communication does not constitute an offer to sell or the solicitation of an offer to buy any security. All Brokerage and Clearing services are provided by, and securities are offered through Apex Clearing Corporation, a wholly owned subsidiary of Apex Fintech Solutions Inc., an SEC registered broker dealer, member of FINRA and SIPC, licensed in 53 states and territories. FINRA BrokerCheck reports for Apex Clearing Corporation are available at: http://www.finra.org/brokercheck. Treasury accounts are not FDIC insured, are not bank deposits, and are not guaranteed by Choice Financial Group or Column N.A., and may lose value. Please review Mercury Advisory's ADV Wrap Fee Brochure and full disclosures for more detail. Mercury Advisory is a wholly-owned subsidiary of Mercury Technologies, Inc.

³ The 30-Day Effective Yield for MCRYX was 4.03% as of 8/14/2026. Mercury Treasury earns up to 3.88% net yield annually, assuming total Mercury deposits of $20M+. Treasury accounts carry an annual fee of 0.15%–0.60% based on total Mercury balances.

The 30-Day Effective Yield is an annualized net yield assuming dividends are reinvested at the average 30-Day rate for a full year. The 30-Day Effective Yield differs from the 30-Day SEC yield. The 30-Day Effective Yield for MCRYX is net of fees and reflects fee waivers from Morgan Stanley Investment Management. Fee waivers may be reduced or discontinued. Absent fee waivers, yields would have been lower. MCRYX has a floating NAV, is not a money market fund, and carries principal risk. Yields fluctuate, can decline, and are not guaranteed. Past performance is not indicative of future results.