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Fintech Mercury lands $300M in Sequoia-led Series C, doubles valuation to $3.5B
Mercury, a digital banking startup, has just secured $300 million in its recent Series C funding round led by Sequoia Capital. This significant investment has resulted in the company’s valuation more than doubling from the previous $1.62 billion post-money value set during its 2021 Series B round to an astonishing $3.5 billion.
Sequioa was joined by existing backers Coatue, CRV, Andreessen Horowitz, and newcomers Spark Capital and Marathon as co-investors in this funding round. This marks Sequoia’s first investment in Mercury since the company’s inception in 2017.
In a recent interview, CEO Immad Akhund shared some impressive statistics about the company’s growth. According to him, Mercury has seen a remarkable revenue increase of $500 million in 2024, accompanied by 10 consecutive quarters of profitability on both EBITDA and GAAP net income. Additionally, the company boasts an extensive customer base of over 200,000 businesses, with a staggering 40% year-over-year growth rate.
Mercury’s payment volume has also seen significant growth, rising by an astonishing 64% to $156 billion in just one year. The company’s roster of clients varies greatly, encompassing tech companies like Linear, Phantom, and ElevenLabs, as well as venture capital firms, e-commerce businesses, and a diverse range of small businesses.
The new capital will be put towards strategic acquisitions, with Akhund hinting that the company is actively seeking out potential targets to bolster its offerings.
Source: https://techcrunch.com/2025/03/26/fintech-mercury-lands-300m-in-sequoia-led-series-c-doubles-valuation-to-3-5b/
