US-based fintech company Mercury has raised in a $300m Series C funding round at a $3.5bn valuation.
The funding, led by Sequoia Capital, includes both primary and secondary investments.
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The round also saw participation from new investors Spark Capital and Marathon, alongside existing investors Coatue, CRV, and Andreessen Horowitz.
In its Series B round in 2021, Mercury was valued at $1.6bn.
Since its last funding round in 2021, Mercury has introduced a corporate credit card and launched financial software to assist businesses with bill payments, invoicing, accounting automation, and expense management.
Last year, the company entered the consumer market with the introduction of Mercury Personal. Currently, Mercury serves over 200,000 companies across diverse sectors, including tech startups, venture capital firms, e-commerce, and small businesses.
In 2024, Mercury reported $500m in revenue and saw a 40% year-on-year growth in its customer base. Additionally, the annual transaction volume surged to $156bn, marking a 64% increase from the previous year.
Mercury co-founder and CEO Immad Akhund said: “Mercury began with the vision that banking should do more than safely hold money – it should bring all the ways people and businesses use money into a single product that feels extraordinary to use.
“We’ve continued to increase our profitability while maintaining a strong balance sheet.”
Mercury is also expanding its board of directors with four new members, including Tim Mayopoulos, a financial services executive.
Joining Mayopoulos on the board are Tom Brown, a legal and regulatory expert in banking and payments, Sonya Huang, a Sequoia partner with experience in AI, enterprise software, data infrastructure, and fintech, and Jason Zhang, Mercury’s co-founder and COO.
