Neobank Mercury says it has hit $650M in annualized revenue, up from $500M by end of 2024, and has been GAAP profitable on net income and EBITDA for three years
In fintech, most companies burn cash chasing growth at any cost, but for us? … Carly Lippman : Almost four years in at Mercury and I'm still so proud of what we're building. Loved seeing our 2025 growth highlighted in this article. …
FortuneAllie Garfinkle
Context & Ripple Effects
Mercury’s latest operating update follows a $300M Sequoia-led financing at a $3.5B valuation and a period in which the startup-focused banking provider benefited from deposit inflows after SVB’s collapse. The new figures give a clearer earnings lens on a business previously framed primarily through fundraising, valuation and deposits.
The company has also tested a broader customer base through Mercury Personal’s consumer expansion. Sustained profitability alongside growth suggests its core business is producing cash while Mercury pursues adjacent products.
First-order effects
Mercury can point to rising annualized revenue and three years of GAAP net-income and EBITDA profitability as evidence that its growth is not solely funding-dependent.
Investors, customers and prospective partners get a more concrete measure of Mercury’s operating durability than valuation or deposit figures alone.
Second-order effects
The disclosure raises the performance benchmark for startup-focused banking rivals: growth claims will be more directly compared with demonstrated profitability and revenue scale.
A profitable core gives Mercury more latitude to support product expansion, including consumer-facing offerings, without making new external capital the only apparent source of investment capacity.
Third-order effects
If comparable fintechs can pair scale with audited-style profitability measures, capital allocation in the sector may shift further toward businesses that show durable unit economics rather than deposit or user growth alone.
The pattern could favor platforms that embed financial services in customers’ day-to-day operating workflows, though it remains unclear how broadly Mercury’s economics can be replicated across fintech categories.
The trend: Fintech is moving from growth-at-all-costs narratives toward proving that specialized financial platforms can scale revenue while sustaining profitability.
@mercury is a profitable and growing company where you can build delightful experiences that redefine what banking should be pretty wowed I've had the privilege to seeing it / helping it grow from $20M ARR -> $650M ARR
This is what Fintech looks like at scale. Beautifully done by Immad and the team at Mercury. Will see more and more companies like this (high growth, profitable) over the coming years because of AI and automation. Vertical category winners in every sector will win big.
These are the principles that got us here: • Have strong unit economics from day one. • Build great products that drive organic growth (60% of ours is organic). • Stay disciplined on spending and hiring. • Focus on customer trust and long-term value creation over gimmicks
Incredible. @immad and the @mercury team have built an insanely good product and business. If you're a founder / finance leader and you're not using them for banking, you're leaving serious productivity, effectiveness, and joy on the table.
What a business @immad and the @mercury team are building! Incredible focus on the customer combined with long term thinking to create an enduring generational company. 🚀
@immad ... I've been one of the first users of Mercury. It felt so refreshing to see good UX for a b2b banking app, and it kinda changed my whole perspective about the b2b UX: it doesn't have to be overly serious and heavy. Thx for this eye opening, Immad, Your happiest user, Joh…
Today @FortuneMagazine ran a piece on @Mercury celebrating: * 3 years of profitability * $650m in annualized revenue * 40% year on year active customer growth * Building a long term + sustainable + trusted service for our customers Thanks @agarfinks for the write up. [image]
Business banking platform @mercury is a monster. Still growing 40% year-over-year with $650M in annualized revenue and 200k+ business customers. And no slow-down in sight. Very happy @immad let @thefintechfund back them 🫡