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Hello, tech enthusiasts! Today, we dive into the exciting world of fintech and highlight a remarkable achievement.
Digital banking innovator Mercury has successfully secured a whopping $300 million in funding, establishing a valuation of $3.5 billion.
This notable increase more than doubles their valuation from a previous $120 million Series B round, showcasing impressive growth.
Sequoia Capital took the lead in this funding round, alongside existing investors like Coatue and CRV, as well as newcomers Spark Capital and Marathon.
In total, Mercury has now raised $500 million since its inception in 2017, a significant milestone for the startup.
The CEO, Immad Akhund, confirmed that the majority of this latest round was primary funding, essential for scaling operations.
Mercury’s revenue hit $500 million in 2024, and they’ve maintained profitability for ten consecutive quarters. With over 200,000 companies counting on their services, they boast a remarkable 40% annual customer growth.
To enhance their offerings, Mercury plans to launch a consumer banking product later this year and continue expanding its workforce.
With their sights set on acquisitions, Mercury is gearing up for a promising future, positioning itself as a key player in the competitive fintech landscape.
