Mercury*, a San Francisco, CA-based fintech company providing banking products, credit cards, and software to power businesses’ financial workflows, raised $300m in Series C funding.
The round, led by new investor Sequoia Capital, included primary and secondary funding and values Mercury at $3.5 billion post-money. Other new investors included Spark Capital and Marathon as well as participation from existing investors Coatue, CRV, and Andreessen Horowitz.
Led by Immad Akhund, co-founder and CEO, Mercury provides a foundational bank account rounded by business solutions such as payroll, accounts receivable and payable, credit cards, taxes, financial reporting, cash flow forecasting, and many other workflows. Since its Series B in 2021, Mercury has introduced its first corporate credit card in 2022. In 2024, they launched financial software to help businesses pay bills, send invoices, automate accounting, and manage employee expenses. The company also expanded into the consumer space with the launch of Mercury Personal.
The company released the following results.
- Ten consecutive quarters of profitability based on both EBITDA and GAAP net-income
- $500 million in revenue in 2024
- 40% growth in customers year-over-year
- $156 billion in annual transaction volume, up 64% year-over-year
Mercury serves more than 200,000 companies across a variety of industries – from tech startups like Linear, Phantom, and ElevenLabs to venture capital firms, e-commerce companies like Cocolab and Bogey Bros, and a range of small businesses.
The company is also announcing it is expanding its board of directors with four new members, including Tim Mayopoulos, the financial services executive and lawyer appointed by the FDIC to lead Silicon Valley Bridge Bank, N.A., after Silicon Valley Bank’s collapse in 2023. In addition to Mayopoulos, the following new directors join Immad Akhund and Saar Gur of CRV, as well as board observers Alex Rampell of Andreessen Horowitz, and Dan Rose of Coatue, in helping guide Mercury through its next phase of growth and beyond:
- Tom Brown started his career defending Visa from antitrust attack and went in-house
- Sonya Huang is a partner at Sequoia, where she partners with companies across a range of industries, including AI, enterprise software, data infrastructure, and fintech
- Jason Zhang is the co-founder and chief operating officer at Mercury
*Mercury is a financial technology company, not a bank. Business banking services provided through Choice Financial Group, Column N.A., and Evolve Bank & Trust; Members FDIC. Personal banking services provided through Choice Financial Group; Member FDIC. The IO Card is issued by Patriot Bank, Member FDIC, pursuant to a license from Mastercard®.
FinSMEs
26/03/2025