Mercury Technologies Cuts Ties with Evolve Bank

Fintech company Mercury Technologies Inc., known for its neobank services, announced the termination of its partnership with Evolve Bancorp Inc. This decision follows recent operational challenges at Evolve Bank that have come to public attention.

Serving over 200,000 customers, Mercury's business model relied on partnerships with FDIC-insured banks to offer banking services. These services were provided through direct integrations with partner banks such as Choice Financial Group, Column N.A., and Patriot Bank N.A. In a statement released on Monday, Mercury clarified that it is not an FDIC-insured bank but emphasized the importance of working closely with U.S.-based FDIC-insured banks. The company also informed customers about the process of transitioning from Evolve Bank & Trust, which was first announced in March 2025, offering them the option to transfer their accounts to another banking partner on its platform.