Fintech Neobank Mercury Severs Its Relationship With Evolve Bank
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Fintech company Mercury Technologies Inc. said it is cutting ties with longtime banking partner Evolve Bancorp Inc. The decision comes after a slate of operational issues at the bank unfolded in public view.
Mercury plans to finish the migration of its customers from Evolve to one of its other bank partners, Choice Financial Group or Column National Association, by the end of this year, a spokesperson for the company said. The businesses that need to migrate away from Evolve will have uninterrupted access to Mercury during the process, according to the spokesperson. Clients will need to verify the accuracy of their information and agree to terms and conditions of the new bank partners.