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Mercury secures $300 million in Series C funding at a $3.5 billion valuation, backed by Sequoia Capital, Spark Capital, and others. The company reports strong financial performance in 2024, including $500 million in revenue and ten consecutive profitable quarters. New board members with deep financial expertise join to support its next phase of growth.
A Record-Breaking Milestone for Mercury
Mercury has announced a $300 million Series C funding round, combining both primary and secondary investments. The funding places the company at a $3.5 billion valuation. Sequoia Capital leads the round, with participation from Spark Capital and Marathon. Previous investors Coatue, CRV, and Andreessen Horowitz returned to participate as well.
This is Mercury’s first major funding announcement since July 2021, reflecting substantial growth and investor interest over the past several years.
Inside Mercury’s Rapid Growth Curve
Since its launch in 2017, Mercury has consistently introduced new offerings to align with the needs of its business customers. The Mercury account launched in 2019 as the company’s first step into digital-first banking. In 2022, it introduced IO, a corporate credit card, which has since become the most-used card among Mercury customers.
In the last year, Mercury added financial software for managing bill payments, invoices, accounting automations, and employee expenses. It also introduced Mercury Personal to begin serving consumers.
Key metrics from 2024 include:
- $500 million in annual revenue
- Ten consecutive quarters of profitability on both EBITDA and GAAP net income
- $156 billion in annual transaction volume, a 64% increase year-over-year
- 40% year-over-year customer growth
Why 200,000+ Businesses Choose Mercury
Mercury now serves over 200,000 companies across diverse industries. Clients range from early-stage tech startups such as Linear, Phantom, and ElevenLabs, to venture capital firms, e-commerce brands like Cocolab and Bogey Bros, and smaller operations.
These businesses use Mercury to manage their money through an integrated platform that combines essential tools into a single experience. The addition of software-driven features for daily operations helps them streamline financial tasks.
Meet the Investors Backing Mercury’s Next Chapter
Sequoia Capital led the Series C round, with partner Sonya Huang directly involved. Huang brings experience from working with companies such as Cribl, Fireworks, and LangChain, and expressed confidence in Mercury’s potential to compete with legacy financial institutions.
Coatue also joined the round, led by Dan Rose, who previously held leadership roles at Amazon and Facebook. Rose identified Mercury as a company with the characteristics of transformative institutions.
The round also included Spark Capital, Marathon, and returning backers CRV and Andreessen Horowitz.
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Strategic Board Additions with Deep Financial Roots
Four new leaders have joined Mercury’s board, expanding its advisory base:
- Tim Mayopoulos, former CEO of Fannie Mae and interim CEO of SVB Bridge Bank, brings significant experience in regulatory and crisis leadership.
- Tom Brown, an early advisor to Mercury, has been active in fintech for over 15 years and worked with companies like PayPal, Upstart, and Chime.
- Sonya Huang, Sequoia partner, offers a strategic view from venture capital and product innovation.
- Jason Zhang, Mercury co-founder and COO, has been instrumental in product design and operational strategy since the company’s inception.
These additions reflect Mercury’s focus on governance and long-term planning as it scales.
How Mercury Plans to Use Its $300M War Chest
The Series C funding will support product expansion, hiring, and potential acquisitions. Mercury aims to develop new tools while preserving financial flexibility and operational discipline.
The company is prioritizing innovation that aligns with its core mission—helping businesses manage money more effectively. Mercury intends to continue expanding its product suite and refining user experience.
Why Mercury’s Momentum Matters in Today’s Fintech Landscape
Mercury’s recent growth aligns with increasing demand for modern banking solutions tailored to startups and digitally native businesses.
Following the collapse of Silicon Valley Bank, Mercury became a primary option for many tech founders seeking alternatives. The company now plays a larger role in the financial infrastructure supporting early-stage companies.
Its dual focus on software and banking services places it in direct competition with both fintech challengers and long-standing financial institutions.
What This Means for Founders and Growing Businesses
Mercury’s trajectory signals a shift in how businesses manage their financial operations. With this latest round, the company reinforces its commitment to combining banking with intuitive tools built for founders.
The Series C positions Mercury to continue building solutions for businesses that demand agility, transparency, and scale.
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