Mercury migrates banks and grows to $650M

This showed that Mercury had become more like core financial infrastructure than a high yield cash wrapper. Moving business customers to new sponsor banks meant asking them to change account and routing details anywhere money touched the company, from payroll to customer billing to vendor payments. At the same time, Mercury still grew from a $500M annualized revenue base at the end of 2024 to $650M by September 2025, even as rate cuts reduced the yield tailwind behind deposit monetization.

• The migration was operationally painful in the real world. Mercury support materials say old accounts and debit cards tied to the prior partner bank were disabled after the transition window, so customers had to update payment instructions across every system that pulled from or paid into the account.
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• The trigger was broader sponsor bank stress, not just a vendor swap. The Federal Reserve issued a consent cease and desist order against Evolve in June 2024, and Mercury shifted to Choice and Column, two banks positioned as more modern fintech partners with direct API driven infrastructure.
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• Mercury still outgrew the rate environment because it sells a workflow, not only a yield. Startups use it for operating accounts, cards, treasury, bill pay, and debt, which makes the account sticky in the same way ERP or payroll software is sticky. That product depth helped preserve deposits and revenue through the transition.
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The next step is more control over the banking stack. Mercury had already diversified from Evolve to Choice and Column, and by late 2025 it applied for a national bank charter. If that path continues, the company can own more of the compliance, product speed, and economics that previously sat with partner banks.