Mercury, a San Francisco-based fintech startup which offers banking services for startups, announced that it has raised US$120 million during its Series B funding round and is now valued at US$1.62 billion.

The round was led by Coatue, with participation from Andreessen Horowitz, CRV, and Sapphire Ventures.

Investors including Dylan Field, CEO at Figma, Mathilde Collins, CEO at Front, Akshay Kothari, COO at Notion, Jack Altman, CEO at Lattice, Hunter Walk and Satya Patel, Partners at Homebrew, and Elizabeth Yin, Partner at Hustle Fund had contributed too.

Additionally, Mercury said that it will set aside a US$5 million allotment in its Series B to allow for crowdfunding through Wefunder from US$100 onwards.

The firm currently holds more than US$4 billion in customer deposits from 200+ countries.

Mercury said in a blog post,

“Our focus is as singular as ever: we still want to turn banking into something like magic. We’ll use this new funding to expand our team and continue building products that help you scale. We want to build something truly great together, for startups, ecommerce, investors, creators, nonprofits, and beyond.”

This article first appeared on fintechnews.ch