Mercury, a fintech company known for serving ambitious businesses with integrated banking, credit cards, and financial software, has announced a $300 million Series C funding round, valuing the company at $3.5 billion post-money—more than double its valuation from its Series B in 2021. This round, led by Sequoia Capital, includes participation from Spark Capital, Marathon, and returning investors such as Coatue, CRV, and Andreessen Horowitz.
Mercury’s CEO and co-founder, Immad Akhund, emphasized the company’s vision to create a single product that centralizes how businesses handle money, aiming for a seamless and extraordinary user experience. Mercury’s strategy has driven notable growth and profitability, with the company reporting ten consecutive quarters of positive EBITDA and GAAP net income. Key achievements include $500 million in revenue for 2024, a 40% year-over-year increase in customer growth, and a 64% surge in transaction volume to $156 billion annually.
Akhund explained that the funding will fuel Mercury’s next growth phase, which includes product innovation, potential acquisitions, and increased financial flexibility. Since its last funding round, Mercury has introduced a corporate credit card and expanded its offerings with software to handle invoicing, bill payments, accounting automation, and expense management. The company also launched Mercury Personal to extend its services into the consumer space.
Mercury now serves over 200,000 businesses, ranging from tech startups to venture capital firms, e-commerce brands, and small businesses. Companies like Linear, Phantom, and Cocolab rely on Mercury’s financial tools to streamline operations and enhance productivity.
Sequoia Capital partner Sonya Huang highlighted Mercury’s disruptive potential, calling it a serious challenger to traditional banks with the ability to become a transformative company in financial services. Coatue’s Dan Rose, who also increased his investment, praised the founders’ bold vision, customer obsession, and innovative drive.
Mercury is further strengthening its leadership by adding four new board members. Among them is Tim Mayopoulos, who played a pivotal role as CEO of Silicon Valley Bridge Bank during the aftermath of Silicon Valley Bank’s collapse in 2023. Mayopoulos, a veteran financial leader with experience at Fannie Mae and Bank of America, will help guide Mercury as it continues expanding its offerings and reshaping banking for entrepreneurs and startups.
Mercury’s growing board also includes Immad Akhund, Saar Gur of CRV, and board observers Alex Rampell of Andreessen Horowitz and Dan Rose of Coatue, positioning the company for its next phase of strategic growth.
