Erebor's 58x Revenue Per Customer

This gap shows Erebor is built like a high touch commercial bank for a few cash heavy companies, not a scaled startup fintech. With roughly 500 to 600 customers holding about $7M each, Erebor can earn bank like economics from every account through deposit spread, fees, and API services. Mercury reaches far more startups, but each relationship starts smaller and monetizes more like software plus partner bank revenue share.1 2 3

• Mercury generated about $500M of annualized revenue on $20B of deposits in 2024, with most revenue coming from interest sharing and a smaller piece from interchange and $35 to $350 per month software. That works out to about $3K per customer because Mercury serves a broad startup base, including many small self serve accounts.2
• Erebor is doing the opposite. It gathered $4.6B of deposits by July 2026 from only 500 to 600 companies, and 68% of revenue came from interest income. A customer with $7M on deposit is economically closer to a small corporate treasury client than a typical Mercury startup checking account.1
• The comparison is also about infrastructure ownership. Mercury historically shared economics with partner banks and later moved toward a charter. Erebor launched as a federally chartered, FDIC insured bank from day one, which lets it capture more of the deposit spread per account and bundle banking APIs directly on top.1 3

Going forward, the market is splitting into two strong models. Mercury is compounding by serving many startups and expanding products across cards, bill pay, and treasury. Erebor is compounding by winning fewer accounts with much larger balances and deeper banking monetization. If that holds, per customer revenue will stay structurally far apart even as both move closer on product surface area.1 2 3