Mercury, the technology company providing what it calls radically different banking, has announced the launch of two Mercury-exclusive Treasury 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. Mercury is a financial technology platform rather than a bank itself, providing banking services through partner banks, and its Treasury product lets business customers hold cash in managed funds instead of leaving it sitting in operating accounts.

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.
• MRGXX — a Mercury-exclusive share class of State Street Investment Management's government money market fund, which will become 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. Money market funds pool investor cash into short-term, high-quality debt such as US government securities and are managed with an emphasis on liquidity and stable value, while ultra-short bond funds hold similarly brief-duration instruments. An expense ratio — the annual fee a fund deducts from its assets — directly reduces the net yield customers receive, which is why the lower-cost MRGXX share class passes more of the return through to customers. Yields on both types of funds move with short-term interest rates set by the Federal Reserve rather than being fixed, so the quoted 3.88% figure will fluctuate as rates change.

"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 demand for high-quality treasury offerings that preserve liquidity and yield has grown with it.

Mercury's approach prioritizes responsible yield, liquidity, and integration. By working with two of the largest asset managers, the company has built offerings that are simpler to hold through Mercury and do not change the underlying risk profile. Custom share classes of the kind Mercury negotiated have historically been the domain of institutional investors, and exclusive access to them gives smaller companies a pricing structure once largely reserved for large treasuries.

"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, giving 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.