Total amount raised
$152.2 Millions
Latest funding date
Location
Title
Mercury has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The platform offers a comprehensive suite of online business banking services tailored for startups and small businesses.
Keep reading to explore the intricacies of Mercury's fundraising journey and the investors backing this innovative platform.
What Is Mercury?
Mercury, founded in 2017, is a financial technology company based in San Francisco, California. The company was established by Immad Akhund, Jason Zhang, and Max Tagher.
Mercury offers a suite of online business banking services tailored for startups and small businesses. Their services include FDIC-insured accounts, virtual and physical debit cards, currency exchange, domestic and international wires, API access, and integrations with tools like Quickbooks and Stripe.
With a team of 1001-5000 employees, Mercury continues to innovate in the fintech space, providing efficient and secure financial solutions for its clients.
How Much Funding Has Mercury Raised?
- Seed Round
- Amount Raised: $4.9M
- Date: October 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their fintech platform.
- Seed Round
- Amount Raised: $6M
- Date: January 2019
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their product offerings and scale operations.
- Series A
- Amount Raised: $21.3M
- Date: September 2019
- Lead Investors: CRV
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance their banking services and grow their customer base.
- Equity Crowdfunding
- Amount Raised: Not publicly disclosed
- Date: August 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To involve their customer base in their growth journey.
- Series B
- Amount Raised: $120M
- Date: July 2021
- Lead Investors: Coatue
- Valuation at Round: $1.62B
- Motivation Behind the Round: To fund product development and team expansion.
- Equity Crowdfunding
- Amount Raised: Not publicly disclosed
- Date: September 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To allow customers to invest and share in the company's growth.
- Secondary Market
- Amount Raised: Not publicly disclosed
- Date: July 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
Total Amount Raised: $152.2M
Current Valuation: $1.62B
Key Investors
- Coatue
- Details: Coatue is a global technology-focused investment firm. They led Mercury's Series B funding round.
- Investment Focus Areas: Technology, fintech, consumer internet.
- Notable Investments: ByteDance (TikTok), DoorDash, Snap.
- Andreessen Horowitz
- Details: Andreessen Horowitz is a venture capital firm known for backing high-growth technology companies. They participated in Mercury's Series B funding round.
- Investment Focus Areas: Technology, software, internet.
- Notable Investments: Facebook, Airbnb, Coinbase.
- CRV
- Details: CRV is an early-stage venture capital firm. They were a key investor in Mercury's Series A funding round.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: Twitter, DoorDash, Zendesk.
- Sapphire Ventures
- Details: Sapphire Ventures is a venture capital firm that invests in growth-stage technology companies. They participated in Mercury's Series B funding round.
- Investment Focus Areas: Growth-stage technology companies.
- Notable Investments: LinkedIn, Box, Square.
- Angel Investors
- Details: Several individual angel investors contributed to Mercury's Series B funding round. These investors often provide early-stage funding and mentorship.
- Investment Focus Areas: Early-stage startups across various sectors.
- Notable Investments: Not publicly disclosed.
What's Next for Mercury?
Mercury's future looks promising as it leverages its recent $120 million Series B funding to expand its product offerings and enhance services for small and medium-sized businesses. With a current client base of 40,000 and $4 billion in customer deposits, the company is well-positioned to capitalize on the growing demand for digital banking solutions tailored to startups and SMEs.
Future fundraising opportunities appear bright, with plans to crowdfund an additional $5 million, allowing customers to invest directly. This strategy not only boosts capital but also strengthens customer loyalty. However, Mercury will need to navigate challenges such as increasing competition from other neobanks and traditional banks, as well as regulatory hurdles in the financial services industry.
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