The company touts over 200,000 businesses with, a large portion being startups that use its services as a financial backbone, replacing cumbersome platform switching or the juggling third-party apps.
San Francisco-based FinTech company Mercury has announced a $300 million Series C investment round, bringing its valuation to $3.5 billion—more than double its 2021 Series B figure of $1.6 billion.
The new funding round, led by Sequoia Capital, includes both primary and secondary investments, with additional participation from Spark Capital, Marathon, and existing backers such as Coatue, CRV, and Andreessen Horowitz.
Mercury, known for powering the financial workflows of startups and ambitious companies, is also celebrating major business milestones: $500 million in annual revenue for 2024, 40% year-over-year growth in its customer base and ten consecutive quarters of profitability in its EBITDA and GAAP net income. The company now facilitates over $156 billion in annual transaction volume, a 64% increase from the previous year.
“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,” said Immad Akhund, co-founder and CEO of Mercury.
The Power of One: Mercury’s Integrated Banking Model
At the core of Mercury’s success is its distinctive “one banking account” model—a philosophy that banking should not just hold money, but actively empower businesses through an all-in-one financial platform.
Rather than relying on fragmented tools that loosely connect to a company’s bank account, Mercury provides an integrated suite of banking services, credit cards, and financial software in a single interface.
“Bank accounts are the nucleus of business finance,” said Akhund. “Payroll, accounts receivable and payable, credit cards, taxes, financial reporting, and many other critical workflows start and end with the bank account.”
Mercury has reimagined this central hub by embedding essential business tools directly into the account experience. Users can pay bills, send invoices, automate accounting, manage employee expenses, and even forecast cash flow—all without switching platforms or juggling third-party apps. This deep integration streamlines operations and provides business owners with greater visibility and control over their finances.
This unified platform approach is especially valuable for Mercury’s core users: fast-moving startups, e-commerce brands, venture capital firms, and small businesses that need scalable financial infrastructure without enterprise-level complexity.
Since its last funding round, Mercury has expanded its capabilities in notable ways. It introduced a corporate credit card in 2022, which has quickly become the most-used card among its users. In 2024, it launched a suite of financial software features and entered the consumer space with Mercury Personal.
The result? More than 200,000 businesses now use Mercury as their financial backbone—including startups like Linear, Phantom, and ElevenLabs, as well as e-commerce brands such as Cocolab and Bogey Bros.
Backing from Elite Investors and Industry Veterans
The enthusiasm surrounding Mercury’s latest funding round reflects not only its performance but also its potential to become a top player in contemporary financial services.
“Mercury is a disruptive company with a bold vision for the future of banking,” said Sonya Huang, partner at Sequoia Capital. “It’s been synonymous with banking for startups, but Mercury is built for nearly every business and is a real competitor to legacy banks.”
Dan Rose of Coatue, which led Mercury’s Series B and joined again in this round, echoed this sentiment: “After helping build Amazon and Facebook, I recognize the hallmarks of transformative companies—and Mercury is one of them.”
In conjunction with the funding, Mercury also announced an expansion of its board of directors, including the appointment of four new members. Amongst them is Tim Mayopoulos, a seasoned financial executive best known for leading the FDIC’s stabilization efforts following the collapse of Silicon Valley Bank (SVB) in 2023. Mayopoulos previously served as President and CEO of Fannie Mae and held top roles at Bank of America.
“Through my work on the SVB collapse, I became acutely aware of the importance of banking options that serve entrepreneurs and the tech community,” said Mayopoulos. “Mercury has stepped up to not only fill the gap left by SVB, but to redefine banking for founders of all kinds of ambitious companies.”
Also joining the board are Tom Brown, a legal and regulatory expert in financial services; Sonya Huang of Sequoia; and Jason Zhang, Mercury’s co-founder and COO, who has been instrumental in driving product vision and company culture.
A Vision for the Future of Finance
Founded with a mission to transform how businesses manage money, Mercury now stands at the intersection of fintech and software, equipped with the capital, customer base, and leadership to push that vision further.
As it moves into its next chapter, Mercury is focused on innovation, strategic acquisitions, and continuing to refine its product suite to meet the evolving needs of entrepreneurs and growing businesses.
The $300 million Series C round not only marks a milestone in Mercury’s journey but reinforces its role as a formidable challenger to traditional banks. By building on its “one banking account” foundation and delivering powerful, user-centric tools, Mercury is setting a new standard for what modern banking can—and should—be.
