Mercury Bank, a San Francisco-based fintech startup, has raised $120 million in a Series B funding round which valuated it at $1.6 billion, granting it Unicorn status.
The funding round was led by Coatue and counted with the participation of Andreessen Horowitz, CRV, and Sapphire Ventures, as well as angel investors like Dylan Field (CEO at Figma), Mathilde Collins (CEO at Front), Akshay Kothari (COO at Notion), Jack Altman (CEO at Lattice), Hunter Walk and Satya Patel (Partners at Homebrew), and Elizabeth Yin (Partner at Hustle Fund).
The total funding raised by the startup since its founding in 2017 is $152 million, which the startup celebrated by setting aside a $5 million allotment in the Series B round to let individuals invest as low as $100 via Wefunder. The crowdfund was oversubscribed by July 30th, with
Mercury CEO Immad Akhund referring to it by tweeting:
“Before this crowdfund we had about 30 of our 120 investors with @BankMercury bank accounts. After this crowdfund 2k+ Mercury investors will also be customers. That’s pretty awesome. $5m is max but we will reduce big commitments to makes sure all active customers get a share.”
Over the past 2 years, Mercury has held over $4 billion in customer deposits, served customers in over 200 countries, grown its workforce to over 150 employees in 14 cities, and worked with more than 40k businesses.
With the fintech industry becoming more relevant by the day, especially after the Covid-19 outbreak in 2019, Mercury is looking to create an alternative to traditional banks by focusing on offering its services to startups all around the globe.
The fintech startup will be using the newly acquired funds to expand its global team and fuel product development to allow customers to escalate by benefiting from digitalized banking.
