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Total amount raised
$452M
Latest funding date
2025-03-26
Location
Mercury has successfully raised funding over 10 rounds, with the latest being a Series C round. The company is backed by 67 investors, including notable names like Sahin Boydas and Flex Capital.
Mercury's journey includes investments in MercuryAi and the acquisition of Teal. Keep reading to explore the intricacies of Mercury's fundraising journey and the investors backing this innovative platform.
Mercury has raised funding across four disclosed rounds backed by over 67 investors, including Sequoia Capital, Andreessen Horowitz, Coatue, CRV, Spark Capital, and Marathon.
Keep reading to explore Mercury's full fundraising journey and learn how the company scaled from a startup banking experiment to a $3.5 billion fintech unicorn.
What Is Mercury?
Mercury is a San Francisco-based fintech company (not an FDIC-insured bank) that provides modern banking services for startups, small businesses, and scaling companies. Founded in 2017 by Immad Akhund, Mercury offers business checking and savings accounts, corporate credit cards, expense management, bill pay, invoicing, venture debt, and treasury management tools — all through a software-first platform designed to serve ambitious entrepreneurs. Banking services are provided through Choice Financial Group and Column N.A., Members FDIC. Mercury has been recognized by Fast Company's Most Innovative Companies, Forbes Fintech 50, and Fortune's Best Places to Work.
How Much Funding Has Mercury Raised?
- Seed Round
- Amount Raised: USD 6,000,000
- Date: August 2017
- Lead Investors: Andreessen Horowitz (a16z), led by partner Alex Rampell
- Notes: Seed funding that enabled the founding team to develop the product prior to public launch.
- Series A
- Amount Raised: USD 20,000,000
- Date: September 2019
- Lead Investors: CRV
- Participating Investors: Andreessen Horowitz, Kevin Hartz, Scott Belsky, Ryan Petersen, Kevin Durant, Andre Iguodala, Naval Ravikant, and over 100 additional investors.
- Valuation: ~$100 million post-money
- Series B
- Amount Raised: USD 120,000,000
- Date: July 28, 2021
- Lead Investors: Coatue
- Participating Investors: Andreessen Horowitz, CRV, Sapphire Ventures, Dylan Field (CEO at Figma), Mathilde Collin (CEO at Front), Akshay Kothari (COO at Notion), Jack Altman (CEO at Lattice), Hunter Walk and Satya Patel (Homebrew), Elizabeth Yin (Hustle Fund).
- Valuation: $1.62 billion post-money
- Notes: Following this round, Mercury also opened a $5 million crowdfunding allotment via Wefunder for its customers.
- Series C
- Amount Raised: USD 300,000,000 (mix of primary and secondary funding)
- Date: March 26, 2025
- Lead Investors: Sequoia Capital (new investor, represented by partner Sonya Huang)
- New Participating Investors: Spark Capital, Marathon
- Returning Investors: Coatue, CRV, Andreessen Horowitz
- Valuation: $3.5 billion post-money (more than double the prior $1.6 billion valuation)
Total Amount Raised: at least $446,000,000 based on disclosed primary funding rounds (Seed: $6M + Series A: $20M + Series B: $120M + Series C: $300M). Multiple sources cite approximately $452 million in total cumulative funding including secondary and crowdfunding rounds.
Key Investors
- Sequoia Capital
- Details: Sequoia Capital is one of the world's leading venture capital firms, backing companies in energy, fintech, enterprise, healthcare, and consumer technology. Sequoia led Mercury's Series C in March 2025 as a new investor, represented by partner Sonya Huang.
- Andreessen Horowitz (a16z)
- Details: Andreessen Horowitz is a stage-agnostic VC firm with assets under management across multiple funds focused on software, fintech, bio, and crypto. a16z backed Mercury from the very beginning, leading the $6 million seed round in 2017 and participating in the Series A, B, and C.
- CRV (Charles River Ventures)
- Details: CRV is an early-stage VC firm that specializes in seed and Series A investments. CRV led Mercury's $20 million Series A in 2019 and has continued to participate in subsequent rounds.
- Coatue
- Details: Coatue is a technology-focused investment firm investing in public and private equity markets across the TMT sector. Coatue led Mercury's $120 million Series B in 2021 and participated in the Series C in 2025.
- Spark Capital
- Details: Spark Capital is a venture capital firm known for early-stage and growth investments in technology companies. Spark Capital joined Mercury as a new investor in the Series C round in 2025.
- Sapphire Ventures
- Details: Sapphire Ventures is a global venture capital firm focused on enterprise technology. Sapphire Ventures participated in Mercury's Series B in 2021.
What's Next for Mercury?
As Mercury continues to grow, the company is expected to expand its suite of financial products and deepen its focus on serving startups and scaling businesses. With fresh capital from its Series C, Mercury is well-positioned to invest further in product development, team growth, and market expansion. The fintech landscape remains highly competitive, but Mercury's strong investor backing, growing customer base, and differentiated product offering suggest a promising trajectory — potentially toward an IPO or further private fundraising rounds in the coming years.
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