Mercury, the fintech platform rethinking how startups and small businesses manage their money, has raised $300 million in a Series C funding round. The raise includes both primary and secondary investments and values the company at $3.5 billion, more than double its $1.6 billion valuation in 2021. Sequoia Capital led the round, joined by new investors Spark Capital and Marathon, with continued support from Coatue, CRV, and Andreessen Horowitz.
CEO Immad Akhund emphasized that the funding is about more than capital—it’s about opportunity: "This round is about seizing the opportunities ahead for our next phase of growth, including driving innovation with new products, exploring acquisitions, and ensuring long-term financial flexibility.."
Since launching in 2019, Mercury has steadily evolved into a full-service fintech hub, offering more than just banking services. The company now provides credit cards, bill pay, invoicing, expense management, and accounting tools—all anchored by a powerful business bank account.*
As businesses have traditionally cobbled together multiple financial tools, Mercury’s all-in-one approach is resonating. It now serves over 200,000 companies, including fast-growing tech firms like Linear, Phantom, and ElevenLabs, along with e-commerce brands and small businesses.
"Mercury has stepped up to not only fill the gap left by SVB in banking for startups, but to redefine banking for founders of all kinds of ambitious companies," said board member Tim Mayopoulos, who was appointed by the FDIC to lead Silicon Valley Bridge Bank during its transition.
The new capital will support Mercury’s continued investment in building unified financial products for businesses. Recent launches include its widely used corporate credit card (IO) and a new suite of financial software designed to help companies automate back-office operations.
Looking ahead, Mercury plans to explore strategic acquisitions, expand its product offering, and grow its team. The company also emphasized maintaining profitability and a strong balance sheet to support sustainable growth.
Founded in 2017 by Immad Akhund, Max Tagher, and Jason Zhang, Mercury set out to modernize business banking from the ground up. Zhang, now COO, has been instrumental in shaping the company’s product design and culture.
The company’s success is reflected in key milestones: ten straight quarters of profitability (EBITDA and GAAP net-income), $500 million in revenue for 2024, and $156 billion in transaction volume—up 64% year over year.
"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," said Sequoia Capital’s Sonya Huang.
Mercury’s growth is also reflected in its expanded board of directors. The company welcomed four new members:
They join existing members Immad Akhund and Saar Gur (CRV), along with board observers Alex Rampell (Andreessen Horowitz) and Dan Rose (Coatue).
Mercury’s investor roster reflects strong, long-term conviction in its model. Returning investors like Andreessen Horowitz, CRV, and Coatue are doubling down, with Rose noting: "I recognize the hallmarks of transformative companies – and Mercury is one of them."
*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®.
