Column targets blue chip partners

This shows Column is behaving less like a volume driven sponsor bank and more like a concentrated picks and shovels provider to the winners of startup banking. Because Column owns the bank charter, ledger, payments rails, and compliance stack, it keeps more of each dollar and can afford to wait for larger partners like Brex and Mercury, whose deposit balances, card spend, and payment volume compound as those fintechs scale.

• Brex and Mercury are not small logos. Brex reached a $700M annualized revenue run rate by August 2025, and Mercury reached $650M by September 2025. Landing partners at that scale gives Column exposure to large and growing flows without needing hundreds of smaller fintech programs.
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• The integrated model matters because traditional BaaS economics are usually split across middleware, sponsor bank, and processing partners. Column collapses those layers into one stack, which helps explain why it could grow from about $24M of revenue in 2023 to about $55M in 2024 while staying concentrated in a few marquee relationships.
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• This selectivity also fits the post Synapse market. As regulators tightened scrutiny and partners like Mercury moved off Evolve, larger fintechs started preferring banks that directly control compliance, money movement, and ledger infrastructure. Column won share by being simpler and more accountable in that workflow.
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Going forward, the prize is not signing the most fintechs, it is becoming the default bank layer under the handful of fintechs that already control startup deposits and business spend. If Column keeps adding blue chip programs, its revenue should rise with partner growth, and its reputation as the safe upgrade path from middleware BaaS should strengthen.