Mercury’s digital banking launch has raised $ 300 million in primary and secondary funding in a $ 3.5 billion assessment of a sum of $ 3.5 billion, the company confirmed to TechCrunch on Wednesday.
Valuation is more than twice as much as the starting valuation when he put last chapters – A B -1120 million Series Round In 2021 it was awarded the company at $ 1.62 billion after money.
Sequoia led the last round – a series C – alongside existing supporters, CRV, Andreessen Horowitz and new Spark Capital and Marathon investors. It is the first check that Sequoia has written to Mercury since the start was founded in 2017. The increase brings Mercury’s total primary and secondary funding to $ 500 million. The company refused to reject how much of the C series it was primary and how secondary was with Mercury’s chief executive and co -founder Immad Akhund, saying that the “majority” was primary.
Mercury plans to make a broader offering of employees on a later date, he added.
Akhund also told TechCrunch that the start earned $ 500 million in 2024 and has seen 10 consecutive quarters of profitability in both EBITDA and GAAP net income.
The company counts over 200,000 companies as customers and allegations that it has seen 40% on annual growth. Akhund declined to share revenue data from previous years, but noted that the volume of payment increased by 64% to $ 156 billion. Its customers range in size, according to Akhund, and include technology companies such as linear, fantastic and leevenlabs. business capital businesses; e -commerce companies; and a series of small businesses.
Mercury launched its first corporate credit card in 2022. Last May, Mercury told TechCrunch that it was matched software in its bank accounts, giving its business customers the opportunity to pay bills, invoice customers and return employees. These additional features put the company in even more direct competition with Brex and Ramp, two opposing fintechs that have been struggling for years for market share in an increasingly busy space.
Later this year, Mercury plans to launch a banking product that announced for the first time in April 2024.
Mercury will monitor acquisitions with his new chapter, Akhund said. Will also hire. Currently, Mercury has 850 employees with plans to increase to more than 1,000 in 2025.
The start is involved in Drama with Bank Partner Evolve Bank & Trust and broke Baas Startup’s conclusion in recent years. On March 12, Mercury announced that he decided to end his relationship with the development and migration of customers to his other bank partners. Akhund told TechCrunch that Mercury had stopped sending new customers to evolve in 2022.
The Mercury C series C series is believed to be the largest round of Fintech funding announced this year, who also sees Klarna preparing to be publicly prepared.
Reporter Note: This article was updated after publication with additional information and comments from Mercury CEO.
