Mercury, a provider of banking services for entrepreneurs and the tech industry, has raised $300 million in Series C funding, doubling its previous $1.6 billion valuation in 2021 to $3.5 billion. The round was led by Sequoia Capital, with participation from Spark Capital, Marathon, Coatue, CRV, and Andreessen Horowitz.
With a client base of over 200,000 companies, Mercury has reported ten consecutive quarters of profitability, generating $500 million in revenue in 2024. Its annual transaction volume has grown 64% year-over-year, reaching $156 billion.
Co-founder and CEO Immad Akhund emphasized that this funding will support new product innovation, potential acquisitions, and long-term financial stability. Mercury’s core offerings include business banking, payroll, accounts receivable and payable, credit cards, tax management, financial reporting, and cash flow forecasting. In 2024, the company expanded into financial software for bill payments, invoicing, automated accounting, and employee expense management, as well as the consumer market with Mercury Personal.
Sequoia Capital partner Sonya Huang praised Mercury’s disruptive approach to banking, noting its ability to compete with legacy financial institutions.
“Mercury is built for nearly every business, and with its profitability, innovation, and operational excellence, it has the potential to become a generational company at the intersection of financial services and software,” she said.
The company is also expanding its board of directors, adding Tim Mayopoulos, former FDIC-appointed CEO of Silicon Valley Bridge Bank after Silicon Valley Bank’s collapse in 2023.
“Mercury has stepped up to not only fill the gap left by SVB but to redefine banking for ambitious founders,” Mayopoulos stated.