Mercury Doubles Valuation to 3.5 Billion with 300 Million Series C

When Immad Akhund, Jason Zhang and Max Tagher founded Mercury in 2019, the goal was straightforward, which was to build a banking platform that actually works for startups. Traditional banks weren’t designed for tech founders who needed automated cash flow management, seamless integrations, and financial tools built for high-growth businesses. Akhund, who previously co-founded Heyzap and sold it for $45 million, knew firsthand how frustrating startup banking could be. Instead of waiting for a solution, he built one himself.

Now, Mercury has become a go-to banking partner for startups, processing over $156 billion in annual transactions, a 64% increase from the previous year. The company boasts over 200,000 business customers, spanning tech startups, e-commerce brands, venture capital firms, and more. Its recent $300 million Series C funding round, led by Sequoia Capital, doubled its valuation to $3.5 billion, with participation from Spark Capital, Coatue, CRV, Andreessen Horowitz, and Marathon.

Scaling with Software-Driven Banking

Unlike many fintech companies that burn through capital to acquire customers, Mercury has taken a more measured, profitability-first approach. The company has consistently expanded its product lineup while keeping customer acquisition costs low, focusing on organic growth and word-of-mouth referrals rather than aggressive marketing.

A key driver of its growth has been its automated treasury management tools, including Mercury Treasury, launched in 2023. This offering became particularly relevant following the collapse of Silicon Valley Bank (SVB), when Mercury swiftly stepped in to help startups move and safeguard their funds. The company expanded its sweep network to distribute deposits across multiple partner banks, reducing risk for customers holding large cash reserves.