Mercury, a San Francisco-based fintech company providing banking, credit cards, and financial software, has announced a US$300 million Series C investment round.
The round, led by Sequoia Capital, includes both primary and secondary funding, valuing Mercury at US$3.5 billion post-money – more than double its US$1.6 billion valuation in 2021.
Other new investors include Spark Capital and Marathon, alongside existing investors Coatue, CRV, and Andreessen Horowitz.
“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,”
said Immad Akhund, co-founder and CEO of Mercury.
“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,”
Akhund added.
Mercury’s core product is a bank account designed to integrate financial operations, including payroll, credit cards, and cash flow management.
The company launched its first corporate credit card in 2022, which has since become widely used among its customers.
In 2024, it introduced financial software for invoicing, bill payments, accounting automation, and expense management.
Mercury has also entered the consumer market with the launch of Mercury Personal.
Sequoia Capital partner Sonya Huang commented:
“Mercury has been synonymous with banking for startups, but it is built for nearly every business and is a real competitor to legacy banks.”
Mercury has also expanded its board of directors with four new members.
Tim Mayopoulos, former CEO of Fannie Mae and Silicon Valley Bridge Bank, played a key role in stabilising the banking sector following the collapse of Silicon Valley Bank in 2023.
Tom Brown, a financial services regulation expert, has advised companies such as PayPal and Chime.
Sonya Huang, a partner at Sequoia Capital, brings experience in AI, fintech, and enterprise software.
Jason Zhang, Mercury’s co-founder and COO, is responsible for the company’s product vision and culture.
These additions join existing board members, including Immad Akhund, Saar Gur (CRV), and board observers Alex Rampell (Andreessen Horowitz) and Dan Rose (Coatue), as Mercury prepares for its next stage of growth.
Featured image credit: edited from freepik
