Mercury, the fintech ambitious companies use for banking*, credit cards, and software to power all their financial workflows, today announced a $300 million Series C investment round from existing and new investors. The round, led by new investor Sequoia Capital, includes primary and secondary funding and values Mercury at $3.5 billion post-money, more than double its previous Series B valuation of $1.6 billion in 2021. Other new investors include Spark Capital and Marathon as well as participation from existing investors Coatue, CRV, and Andreessen Horowitz.

“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,” said Immad Akhund, co-founder and CEO of Mercury.

Mercury’s execution of that vision has driven profitability and growth for the company. For the first time, Mercury is announcing key financial and growth milestones, including:

• Ten consecutive quarters of profitability based on both EBITDA and GAAP net-income
• $500 million in revenue in 2024
• 40% growth in customers year-over-year
• $156 billion in annual transaction volume, up 64% year-over-year

“We’ve continued to increase our profitability while maintaining a strong balance sheet,” said Akhund. “This round is about seizing the opportunities ahead for our next phase of growth, including driving innovation with new products, exploring acquisitions, and ensuring long-term financial flexibility.”

The foundation of Mercury’s product is a powerful bank account. Bank accounts are the nucleus of business finance: payroll, accounts receivable and payable, credit cards, taxes, financial reporting, cash flow forecasting, and many other critical workflows start and end with the bank account. For too long, businesses have been forced to use multiple financial tools that have to connect to the bank account but aren’t integrated with each other.

Mercury believes that when businesses manage their finances through a single product built from a powerful bank account, they can operate at their best and focus on what matters most: building a successful company.

Since its Series B in 2021, Mercury has taken significant steps toward its vision that banking should do more than safely hold money. After introducing its first corporate credit card in 2022, it has now become the most used corporate card among Mercury customers. In 2024, Mercury launched financial software to help businesses pay bills, send invoices, automate accounting, and manage employee expenses. It also expanded into the consumer space with the launch of Mercury Personal.

Mercury serves more than 200,000 ambitious companies across a variety of industries – from tech startups like Linear, Phantom, and ElevenLabs to venture capital firms, e-commerce companies like Cocolab and Bogey Bros, and a range of small businesses – who rely on Mercury to operate at their best.

“Mercury is a disruptive company with a bold vision for the future of banking,” said Sonya Huang, partner, Sequoia Capital. “It has been synonymous with banking for startups, but Mercury is built for nearly every business and is a real competitor to legacy banks. With its track record of profitability, innovation, operational excellence, and clear vision for what banking can become, I believe that Mercury has a chance to be a generational company at the intersection of financial services and software.”

“After helping build Amazon and Facebook, I recognize the hallmarks of transformative companies – and Mercury is one of them,” said Dan Rose of Coatue, which led Mercury’s Series B and is now doubling down with another major investment. “The founders have a bold vision, a deep obsession with their customers, and a relentless drive to innovate. I’m incredibly impressed by what they’ve accomplished and excited about Mercury’s potential to reimagine what banking can be.”

Mercury is also announcing it is expanding its board of directors with four new members, including Tim Mayopoulos, the financial services executive and lawyer appointed by the FDIC to lead Silicon Valley Bridge Bank, N.A., after Silicon Valley Bank’s collapse in 2023.