Mercury doubles valuation to $3.5B with CX-obsession, personal banking on horizon

Mercury, the digital banking platform purpose-built for startups, has landed a $300 million Series C funding round led by Sequoia Capital — doubling its valuation to $3.5 billion and validating the founders’ belief that the company’s obsessive focus on customer experience is a powerful growth engine.

A startup for startups: "The idea for Mercury came while working on my earlier startups," founder and CEO Immad Akhund explained in a LinkedIn post celebrating the capital raise. "As a founder, I could never find a bank that understood my needs, or could operate at the speed and quality that we needed. We started Mercury in 2017 to change this."

Happy customers: Since then, Mercury has carved out a customer base of more than 200,000 businesses, offering its financial services through a sleek, modern, and responsive platform that its target market of startup customers has described as feeling "like the rest of our stack."

The CX/CS difference: This user-centered design, combined with relentless product evolution — from corporate credit cards to invoicing, bill pay, and employee reimbursements — has driven 40% year-over-year customer growth. It’s also delivered hard numbers: $500 million in revenue, and ten straight quarters of GAAP profitability.

As one customer, Allan Rayson, CEO of Finov8r, said on LinkedIn: "The product is exactly what I need as a business user. Not to mention the UI and UX are nice and clean, and the product just works."

Future plans: The new capital will be used to fuel strategic acquisitions, expand Mercury’s headcount from 850 to over 1,000, and accelerate product development across its platform. Looking ahead, the company plans to enter the consumer banking market later this year, broadening its reach while staying rooted in its startup-first philosophy.