Mercury, a San Francisco-based fintech firm offering banking, bank cards, and monetary software program, has introduced a US$300 million Collection C funding spherical.
The spherical, led by Sequoia Capital, contains each major and secondary funding, valuing Mercury at US$3.5 billion post-money – greater than double its US$1.6 billion valuation in 2021.
Different new traders embody Spark Capital and Marathon, alongside current traders Coatue, CRV, and Andreessen Horowitz.
“Mercury started with the imaginative and prescient that banking ought to do greater than safely maintain cash – it ought to convey all of the methods folks and companies use cash right into a single product that feels extraordinary to make use of,”
stated Immad Akhund, co-founder and CEO of Mercury.
“This spherical is about seizing the alternatives forward for our subsequent part of progress, together with driving innovation with new merchandise, exploring acquisitions, and making certain long-term monetary flexibility,”
Akhund added.
Mercury’s core product is a checking account designed to combine monetary operations, together with payroll, bank cards, and money stream administration.
The corporate launched its first company bank card in 2022, which has since turn out to be extensively used amongst its clients.
In 2024, it launched monetary software program for invoicing, invoice funds, accounting automation, and expense administration.
Mercury has additionally entered the buyer market with the launch of Mercury Private.
Sequoia Capital associate Sonya Huang commented:
“Mercury has been synonymous with banking for startups, however it’s constructed for almost each enterprise and is an actual competitor to legacy banks.”
Mercury has additionally expanded its board of administrators with 4 new members.
Tim Mayopoulos, former CEO of Fannie Mae and Silicon Valley Bridge Financial institution, performed a key function in stabilising the banking sector following the collapse of Silicon Valley Financial institution in 2023.
Tom Brown, a monetary providers regulation professional, has suggested corporations resembling PayPal and Chime.
Sonya Huang, a associate at Sequoia Capital, brings expertise in AI, fintech, and enterprise software program.
Jason Zhang, Mercury’s co-founder and COO, is accountable for the corporate’s product imaginative and prescient and tradition.
These additions be part of current board members, together with Immad Akhund, Saar Gur (CRV), and board observers Alex Rampell (Andreessen Horowitz) and Dan Rose (Coatue), as Mercury prepares for its subsequent stage of progress.
Featured picture credit score: edited from freepik
