Mercury Technologies is a technology company.
Mercury Technologies has raised $141.0M across 2 funding rounds.
Mercury Technologies has raised $141.0M in total across 2 funding rounds.
Mercury Technologies, commonly known as Mercury, is a San Francisco-based fintech company founded in 2017 that provides banking services tailored for startups and small businesses, including checking and savings accounts, corporate cards, payments, invoicing, and financial software—all powered through partnerships with FDIC-insured banks like Choice Financial Group and Column N.A.[1][2][4] It serves ambitious entrepreneurs by simplifying complex financial operations, offering features like zero-fee USD wires, 1.5% cashback on credit spend, automated accounting syncs with QuickBooks/Xero/NetSuite, and up to $5M FDIC coverage via sweep networks, addressing pain points in traditional banking such as high fees, poor visibility, and manual workflows.[2][4] With 2024 revenue of $500 million, $156 billion in payment volume, over 1,000 employees, and a March 2025 Series C raise of $300 million at a $3.5 billion valuation led by Sequoia Capital, Mercury demonstrates strong growth momentum, especially post-2023 Silicon Valley Bank collapse when it captured over $2 billion in new deposits.[1][2]
Mercury was founded in 2017 in San Francisco by Immad Akhund, Max Tagher, and Jason Zhang, who aimed to overhaul outdated banking for startups by turning it from an obstacle into a growth catalyst.[1][2] The idea emerged from recognizing how money flows underpin entrepreneurial decisions, leading to a 2019 launch of business bank accounts followed by expansions like venture debt in 2022, a corporate charge card (Mercury IO), personal banking in April 2024, and bill pay/invoicing tools in May 2024.[1] Pivotal moments include explosive growth after the March 2023 SVB failure, where it retained 92% of new customers six months later, and adding ex-SVB interim head Timothy Mayopoulos to its board; these solidified its traction amid fintech turbulence.[1][2] Today, Mercury also runs Mercury Raise, connecting customers with investors.[1]
Mercury rides the fintech democratization wave, capitalizing on startups' need for scalable, tech-native banking amid rising venture funding and remote operations, with timing amplified by 2023 banking crises that exposed legacy institutions' weaknesses.[1][2] Market forces like zero-fee expectations, AI automations, and treasury tools (powered by J.P. Morgan/Morgan Stanley) favor it, as traditional banks lag in developer-friendly APIs and speed.[2][4] It influences the ecosystem by safeguarding startup capital—e.g., post-SVB deposit surge—and fostering growth through software that syncs with ecosystems like QuickBooks, enabling faster scaling for thousands of ambitious companies.[1][2]
Mercury is poised to dominate embedded finance by expanding its software suite into full-stack operations platforms, potentially integrating AI deeper for predictive cash flow and global payments amid rising cross-border startups.[1][2][4] Trends like sustained high interest rates boosting treasury yields and regulatory pushes for fintech stability will shape its path, with its $3.5B valuation signaling room for IPO or further acquisitions.[1] As banking evolves from hurdle to "catalyst," Mercury's startup-first model positions it to redefine financial infrastructure, much like its origins promised—fueling the next wave of entrepreneurial ambition.[2]
Mercury Technologies has raised $141.0M in total across 2 funding rounds.
Mercury Technologies's investors include Daft Capital, Founders Committee, Jetstream, Pioneer Fund, Joshua Reeves, Nkechi Iregbulem, 2048 Ventures, Afore Capital, Authentic Ventures, BoxGroup, Chemistry VC, Company Capital.
Mercury Technologies has raised $141.0M across 2 funding rounds. Most recently, it raised $120.0M Series B in June 2021.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Jun 1, 2021 | $120.0M Series B | Daft Capital, Founders Committee, Jetstream, Pioneer Fund, Joshua Reeves, Nkechi Iregbulem | |
| Sep 1, 2019 | $21.0M Series A | 2048 Ventures, Afore Capital, Authentic Ventures, BoxGroup, Chemistry VC, Company Capital, CRV, Daft Capital, ff Venture Capital, Founders Committee, Hanabi Capital, Jetstream, Pioneer Fund, RRE Ventures, RTP Ventures, Saga, Sequoia Capital, South Park Commons, Stellar Capital, Vouch Insurance, Yext, Adam D'Angelo, Alexander Sacerdote, Baron Davis, Drew Houston, Frederic Kerrest, Jeff Bezos, John Collison, Joshua Reeves, Musaab Hakami, Nkechi Iregbulem, Tien Tzuo, Tom Williams |