Mercury Discloses $650 Million Annualised Revenue and $248 Billion Transaction Volume as It Applies for National Bank Charter

Mercury published its 2025 annual letter on 5 February 2026, revealing that the business banking fintech had reached $650 million in annualised revenue by September 2025 and processed $248 billion in annual transaction volume during the year, a 59 per cent increase from the $156 billion recorded in 2024. Mercury provides a banking platform for technology startups and small businesses.

Customer numbers expanded 50 per cent year-on-year, and the company confirmed it has been profitable on a GAAP basis for three consecutive years.

NATIONAL BANK CHARTER APPLICATION

In the annual letter, Mercury confirmed that it applied for a national bank charter in December 2025. The application was submitted to the Office of the Comptroller of the Currency. Mercury has historically held customer deposits and provided payment services through partner banks.

A national charter would allow Mercury to hold deposits directly and operate as a regulated bank in its own right.

The OCC reviews applicants on their business plan, capital adequacy, risk management frameworks and the qualifications of their senior leadership.