Mercury, a digital banking platform for startups and small businesses, has closed a $300 million Series C round, pushing its valuation to $3.5 billion—more than double its 2021 valuation of $1.62 billion.
The round was led by Sequoia Capital, marking the first time the VC giant has backed Mercury, with participation from existing investors Coatue, CRV, Andreessen Horowitz, and new backers Spark Capital and Marathon. The raise includes both primary and secondary funding, though the company said the majority was primary.
Strong Financial Performance and Growth
- the firm reported $500M in revenue for 2024
- Achieved 10 consecutive quarters of profitability (EBITDA and GAAP)
- Serves over 200,000 companies with a 40% YoY growth in customer base
- Processed $156B in payments in 2024, a 64% increase from the previous year
CEO and co-founder Immad Akhund noted Mercury will soon launch a broader employee tender offer and plans to use the funds to explore acquisitions and expand hiring—growing from 850 to over 1,000 employees in 2025.
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Expanding Product Offerings
- In 2022, the company introduced its first corporate credit card
- Added new software tools for bill pay, invoicing, and reimbursements
- Plans to launch a consumer banking product later in 2025
These expansions position Mercury to compete more directly with fintech rivals like Brex and Ramp.
Banking Transition and Future Outlook
Following complications with Evolve Bank & Trust and embattled BaaS provider Synapse, Mercury recently ended its relationship with Evolve, shifting customer onboarding to other partner banks.
This $300M Series C is currently the largest fintech funding round of 2025, as the sector shows early signs of renewed investor confidence—with Klarna also preparing to go public.
With strong financials, continued growth, and a product roadmap aligned with modern business needs, Mercury is cementing itself as a powerhouse in digital banking for startups and small enterprises.
