Mercury at $650M/year

Key points from our 2025 update via Sacra AI:

In the summer, Mercury moved its banking infrastructure off of Evolve Bank to Choice Financial Group & Column N.A. ($55.1M revenue in 2024, growing 126% YoY), requiring customers to complete a time consuming migration that included updating bank account numbers with every system & party that deposits into or debits funds from customer accounts—the success of which ultimately proved out Mercury’s high NPS (self reported at 80+) via its deposit retention.
Two Fed interest rate cuts in the fall of 2025 impacted Mercury’s revenue growth, which centers on interest revenue from deposits, trending at 41% YoY in 2025 down from 97% YoY in 2024, at a Sacra-estimated $650M in annualized revenue (as of September 2025)—compared to Brex at $700M in annualized revenue growing 50% YoY and Ramp at $1B in annualized revenue growing 110% YoY (both as of August 2025).
GAAP profitable on a net income basis and profitable on an EBITDA basis for three consecutive years, Mercury intends to operate profitably to compound trust in its brand as a bank over time, diversify its revenue mix toward interchange (its IO credit card) & subscription SaaS (advanced workflows and enterprise integrations) and derisk from the cyclicality that brought down its predecessor SVB.

For more, check out this other research from our platform:

Mercury at $500M annualized revenue