Accelerating our ambitions

At Mercury, we think banking

* should do more than just hold your money — it should bring all the ways people and businesses use money into a single product that feels extraordinary to use. We’re working to build that future, and have new milestones to share on the path toward it.

Announcing our $300M Series C

Today, we’re announcing a $300 million Series C in a mix of primary and secondary funding at a $3.5 billion valuation. We’re excited to bring on Sequoia Capital as our lead investor in the round, as well as other new investors Spark Capital and Marathon, and returning investors Coatue, CRV, and Andreessen Horowitz.

Since our founding in 2017, we’ve been on a remarkable road to reimagine banking* to truly serve the needs of ambitious founders and their businesses. Our first big rock was to build the best account for securely holding your money; we launched the Mercury account in 2019. In 2022, we introduced our first corporate credit card, IO, which has now become the most used corporate card among Mercury customers. This past year, we launched financial software to help businesses pay bills, send invoices, automate accounting, and manage employee expenses, while expanding into the consumer space with the launch of Mercury Personal.

We now serve more than 200,000 ambitious companies across a variety of industries — from tech startups like Linear, Phantom, and ElevenLabs to venture capital firms, e-commerce companies like Cocolab and Bogey Bros, and a range of small businesses — who rely on Mercury to operate at their best.  With the trust of our customers and the daily ingenuity and contributions of the Mercury team, we’ve now seen:

• Ten consecutive quarters of profitability based on both EBITDA and GAAP net-income
• $500 million in annual revenue in 2024
• 40% growth in customers year-over-year
• $156 billion in annual transaction volume, up 64% year-over-year.

We’re deeply humbled by the growth we’ve experienced since our last fundraise in July 2021. We’re looking forward to leveraging this opportunity to further accelerate our goals of driving innovation with new products, exploring acquisitions, and hiring and retaining exceptional talent, all while maintaining long-term financial flexibility.

Dan Rose, who helped build Amazon and Facebook and led Coatue’s participation in this round, said: “I recognize the hallmarks of transformative companies — and Mercury is one of them.”

Meet the new additions to our board

As the business grows, so do the ways we’re continuing to set the business up for the future. With that in mind, we’re also welcoming four new leaders to our board. They’ll join Saar Gur of CRV and me, as well as board observers Alex Rampell of Andreessen Horowitz and Dan Rose of Coatue, in helping guide Mercury through its next phase of growth and beyond.

Tim Mayopoulos

When the FDIC took over SVB, they needed a seasoned leader to stabilize operations and appointed Tim as President and CEO of the bridge bank until they sold most of the bank’s assets. His selection was unsurprising given his decades of experience leading major financial institutions, including as President and CEO of Fannie Mae during its recovery from the financial crisis. Tim brings a wealth of banking and regulatory experience to the board.

“Through my work on the SVB collapse, I became acutely aware of the importance of banking options that serve entrepreneurs and the tech community,” he shares. “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. I’m excited to help guide Mercury as it continues to challenge what banking can do, including expanding its offerings and who it serves.”

Tom Brown

Tom has advised Mercury since the beginning — and worked in fintech since before the term existed. He started his career defending Visa from antitrust attack then went in-house. Over the last 15 years, he has advised and invested in firms at the intersection between financial services and technology, including PayPal, Upstart, and Chime.

Sonya Huang

Sonya is a partner at Sequoia Capital and led this investment round. She brings rich experience from partnering with companies like Cribl, dbt Labs, Fireworks, Gong, LangChain, and OpenAI, and a keen interest in taking the long view and reinventing legacy financial services.

“[Mercury] has been synonymous with banking for startups, but Mercury is built for nearly every business and is a real competitor to legacy banks,” she shares. “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.”

Jason Zhang

As co-founder and chief operating officer at Mercury, Jason has been pivotal in shaping the company from day one. His product vision, passion for quality, and uniquely thoughtful leadership help make us what we are.

We’re honored to have their support and the trust of our customers. Here’s to what’s next.