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Mercury Technologies Inc., a fintech company known for its neobanking services, announced the termination of its partnership with Evolve Bancorp Inc. This move follows a series of operational difficulties at Evolve Bank that have recently become public.
Mercury, which supports over 200,000 customers, has historically relied on a business model that partners with FDIC-insured banks to provide banking services. These services have been facilitated through direct integrations with partner banks such as Choice Financial Group, Column N.A., Patriot Bank N.A., and, until recently, Evolve Bank & Trust.
In a statement released on Monday, Mercury explained that as a fintech firm, it is not an FDIC-insured bank itself, but its services are backed by insurance through its partner institutions. The company emphasized the importance of working closely with U.S.-headquartered and FDIC-insured banks. Mercury’s bank partners are under the regulatory purview of various authorities, including the FDIC, the Federal Reserve Board, and the Office of the Comptroller of the Currency, as well as state agencies for state-chartered banks.
The company has informed its customers about the transition away from Evolve Bank & Trust, which was initially announced in March 2025. Mercury is offering customers the option to migrate their accounts to another banking partner on their platform. This decision is part of Mercury’s commitment to maintaining robust partnerships that adhere to regulatory standards and provide secure banking services.
Mercury’s bank partners are subject to regular audits and regulatory examinations to ensure they are operating safely and in compliance with regulations. These reviews cover a range of areas, including anti-money laundering, fair lending, and third-party risk management. Mercury contributes to these processes by providing necessary documentation and reports for regulatory review.
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