Mercury, a US-based fintech company that provides services specifically tailored to meet the needs of startup businesses, has raised $300m in a Series C funding round.
The latest investment, which involves both primary and secondary funding sources, now places Mercury’s valuation at $3.5bn. In 2021, when the company completed a Series B round, its valuation was $1.6bn.
Mercury’s recent funding round was led by new investor Sequoia Capital, with participation from Spark Capital and Marathon, along with existing investors such as Coatue, CRV, and Andreessen Horowitz.
Sequoia Capital partner Sonya Huang said: “Mercury is a disruptive company with a bold vision for the future of banking.
“It has been synonymous with banking for startups, but Mercury is built for nearly every business and is a real competitor to legacy banks.
“With its track record of profitability, innovation, operational excellence, and clear vision for what banking can become, I believe that Mercury has a chance to be a generational company at the intersection of financial services and software.”
Mercury combines various financial services into a single platform that streamlines how people and businesses manage money. It offers a bank account, credit card services, and software tools to support the financial operations of more than 200,000 companies and entrepreneurs.
Mercury co-founder and CEO Immad Akhund said: “Mercury began with the vision that banking should do more than safely hold money – it should bring all the ways people and businesses use money into a single product that feels extraordinary to use.”
The fintech company reported achieving profitability for 10 consecutive quarters, based on both EBITDA and GAAP net income. Its revenue in 2024 reached $500m, while there has seen a 40% year-on-year expansion in its customer base.
Mercury’s annual transaction volume has also increased by 64%, hitting $156bn.
Since its Series B round, Mercury is said to have made progress toward expanding banking services beyond traditional functions. In 2022, it introduced its first corporate credit card, which gained widespread use among clients.
By 2024, the company had developed financial software to assist businesses with bill payments, invoicing, accounting automation, and managing employee expenses. Mercury has also extended its offerings into the consumer sector with the launch of Mercury Personal.
Currently serving over 200,000 companies across different sectors, Mercury’s user base includes tech startups like Phantom, Linear, and ElevenLabs, venture capital entities, and e-commerce firms such as Cocolab and Bogey Bros. Various small businesses are also said to utilise Mercury’s services for their operations.
