Mercury—a fintech that serves startups, VC firms, and small businesses with banking products and services—announced $650 million in annualized revenue for 2025, up 30% from 2024’s year-end $500 million. Some banks have invested heavily in digital for business customers, betting that more sophisticated self-service will support market share growth. These investments mean that the business digital experience is increasingly a differentiator between banks. But it’s a half measure. This approach to growth is fighting the last war to avoid irrelevance—by catching up to where competitors are today.

Disintermediation is getting real, upfront advertisers want their programmatic CTV spending accounted for, and Google shares early results from the Privacy Sandbox.

Buy now, pay later solutions are quickly gaining adoption as consumers look for new financing options and merchants aim to drive sales. But the industry is still unsettled as a number of firms are battling to lead the space, while card networks and issuers are looking to get involved too.