Highlights:

  • Beyond traditional banking, Mercury integrates financial tools like cash flow analytics and dashboards to help businesses manage their finances.
  • More recently, the company has prioritized enhancing its financial tools to streamline business operations.

Mercury Financial LLC secured USD 300 million in the latest funding round on a USD 3.5 billion valuation, partly for acquisitions. The fintech firm is popularly known as a bank of choice for tech startups.

Founded in 2017, Mercury specializes in banking services for startups and tech-driven businesses. It collaborates with FDIC-insured banks to provide business checking and savings accounts, debit cards, and international wire transfers.

Beyond traditional banking, Mercury integrates financial tools like cash flow analytics and dashboards to help businesses manage their finances. Its platform also features an API, enabling companies to automate payments and customize banking operations.

Since 2022, Mercury has also offered venture debt financing, providing startups with additional funding options to support their growth, though this remains a secondary focus.

In September 2022, Mercury launched the IO World Elite Mastercard, a corporate credit card tailored to the spending needs of startups and tech-focused businesses. More recently, the company has prioritized enhancing its financial tools to streamline business operations. A February update introduced improved invoicing and employee receipt management features, further optimizing financial workflows for users.

While startups raising venture capital often operate on a smaller scale, Mercury defies that expectation. The company processed USD 95 billion in transactions in 2023 and USD 156 billion in 2024. Currently, Mercury supports 200,000 “ambitious companies” across various industries, including ElevenLabs Ltd., Cocolab Inc., and Bogey Bros LLC.

Mercury’s Series C funding round was led by Sequoia Capital Management LP, with additional participation from Spark Capital, Marathon Asset Management LP, Coatue Management, Charles River Ventures, and Andreessen Horowitz Management.

“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,” Mercury Co-founder Immad Akhund reported.