Mercury

Mercury Technologies, known as Mercury, provides business bank accounts, corporate cards, bill pay, invoicing and other financial software to startups and small businesses, and since 2024 personal banking to individuals. It was founded in 2017 in San Francisco by Immad Akhund, Max Tagher and Jason Zhang and launched its business accounts in 2019. Mercury is not a bank; deposits are held at partner banks, currently Choice Financial Group and Column N.A., with a sweep network that extends FDIC coverage across multiple institutions.

Andreessen Horowitz led Mercury's seed round. CRV led a $20 million Series A announced on September 26, 2019, with Andreessen Horowitz participating alongside a long list of angels. Coatue led a $120 million Series B announced on July 29, 2021 at a $1.62 billion valuation, with Andreessen Horowitz, CRV and Sapphire Ventures participating and a $5 million allotment opened to customers through Wefunder. In March 2025 Sequoia Capital led a $300 million Series C, a mix of primary and secondary shares, at a $3.5 billion post money valuation, joined by new investors Spark Capital and Marathon and returning investors Coatue, CRV and Andreessen Horowitz. In May 2026 TCV led a $200 million Series D at a $5.2 billion valuation, with existing investors Sequoia Capital, Andreessen Horowitz and Coatue participating.

Mercury reported $500 million of revenue and $156 billion of payment volume in 2024, with more than 200,000 customers at the time of the Series C and ten consecutive quarters of EBITDA and GAAP net income profitability. It gained about $2 billion of deposits after the March 2023 failure of Silicon Valley Bank. By 2026 it served more than 300,000 customers and reported about $650 million in annualized revenue. On April 28, 2026 the Office of the Comptroller of the Currency granted conditional approval for a national bank charter for a proposed Mercury Bank N.A. in Utah; final approval also requires the FDIC and Federal Reserve.

Mercury shows how a seed investor can keep backing a fintech through each stage: Andreessen Horowitz led the seed and participated in the Series A, B, C and D. The valuation rose from $1.62 billion in 2021 to $5.2 billion in 2026 while the broader fintech market reset, and the Series C included secondary sales and a planned employee tender, giving early holders partial liquidity while the company remains private.