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. The figures underscore the speed at which Mercury has grown since establishing itself as a banking platform tailored to technology startups and small businesses seeking an alternative to traditional bank accounts.
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. The combination of strong top-line growth and sustained profitability is relatively rare in the fintech sector, where many platforms have historically prioritised scale over earnings, and it positions Mercury as a financially mature operator within the increasingly competitive business banking space.
BREAKING FREE FROM PARTNER-BANK DEPENDENCY
The most strategically significant disclosure in the annual letter was Mercury's confirmation that it applied for a national bank charter in December 2025. The application, submitted to the Office of the Comptroller of the Currency, represents a deliberate effort to move the company away from its reliance on partner banks, through which it has historically held customer deposits and provided payment services. The partner-bank model has served Mercury well during its growth phase, enabling it to offer banking services without holding a banking licence of its own.
However, that arrangement also introduces a layer of dependency on third parties whose regulatory standing and risk appetite can directly affect Mercury's own operations. Obtaining a national charter would allow Mercury to hold deposits directly and operate as a regulated bank in its own right, giving it greater control over its product roadmap, its pricing decisions and the depth of its relationships with customers over the long term.
The charter application process is lengthy and demanding. The OCC reviews applicants on their business plan, capital adequacy, risk management frameworks and the qualifications of their senior leadership. Approval is not guaranteed, and the review process typically takes well over a year from the point of submission, requiring applicants to maintain sustained engagement with regulators throughout.
PROFITABILITY RECORD STRENGTHENS THE CHARTER CASE
Mercury's three consecutive years of GAAP profitability may prove a meaningful asset during the charter review process. Regulators typically look more favourably on applicants that can demonstrate financial sustainability and a track record of responsible growth, and Mercury's metrics offer credible evidence on both counts. The $248 billion in annual transaction volume also speaks to the operational scale of the platform and the depth of its integration into customers' financial workflows.
Handling that volume of payments through a partner-bank arrangement requires robust infrastructure and tight operational controls, capabilities that Mercury will need to demonstrate in detail as part of its charter application to the OCC. The regulator will expect the company to articulate how those controls will be maintained and strengthened within a directly chartered banking entity operating under the full weight of federal banking regulation.
The fintech's growth trajectory and its decision to pursue a bank charter reflect a broader trend in the United States, where several technology-first financial services companies have concluded that a direct banking licence offers the most reliable path to building a durable, independently controlled business. Mercury's progress through that process will be closely watched by peers considering a similar route to regulatory self-sufficiency.