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Industry | Financial technology |
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Founded | 2017[1] |
Founders | Immad Akhund Max Tagher Jason Zhang [2] |
Headquarters | San Francisco, California , |
Key people | Immad Akhund (CEO) Max Tagher (CTO) Jason Zhang (COO) [2] |
Products | Banking services |
Number of employees | 800 [3] (2024) |
Website | mercury |
Mercury Technologies Inc., commonly known as simply Mercury, is an American fintech company that provides banking services to start-up companies and small businesses. The company is not a bank, but works with banking service providers to provide bank accounts and other financial services. [4] The company was founded in 2017 in San Francisco, California. [1]
Mercury was founded in 2017 by Immad Akhund, Max Tagher, and Jason Zhang. [1] Mercury's business bank accounts launched in 2019. [1] In March 2022, the company began offering venture debt services to its customers. [5] In September 2022, the company launched a corporate charge card. [1]
The company reportedly gained a significant number of new customers and deposits in the wake of the March 2023 Silicon Valley Bank failure. [6]
In April 2024, Mercury launched personal banking for consumers. [7] In May 2024, Mercury launched financial software to help businesses pay bills, send invoices and reimburse employees. [8]
In June 2024, one of Mercury's partner banks, Evolve Bank & Trust, suffered a major data breach that included account numbers and deposit balances for Mercury accounts. [9] The ransomware group LockBit took credit for the attack. [10] In October 2024, Mercury added Plaid founder William Hockey's bank Column as a new partner bank. [11]
In March 2025, Mercury announced it planned to cut ties with Evolve Bank & Trust, and migrate customers to one of its other partner banks, Column N.A. and Choice Financial Group, by the end of 2025. [11]
In March 2025, Mercury raised $300 million in its Series C round, doubling its valuation to $3.5 billion from its 2021 Series B funding round. [12] The Series C was led by Sequoia Capital and new including Spark Capital and Marathon, as well as returning investors Coatue, CRV and Andreessen Horowitz. [3] In 2024, Mercury had $500 million revenue, and had $156 billion in payment volume. [13] Mercury added Timothy Mayopoulos, the FDIC appointed interim head of Silicon Valley Bank, to its board of directors. [14]
![]() | This section contains promotional content .(April 2025) |
Mercury offers banking services to customers, primarily startups. [15]
The company is not a chartered bank, and is therefore unable to lend against deposits. Instead, it partners with regional bank networks to hold customer's deposits. Its main bank partners are North Dakota-based Choice Bank, which has a network of regional banks, and California-based Column. [11] [16] This network gives customers access to a sweep network of other banks such as Goldman Sachs and Capital One. [4] Customer deposits of up to $5 million can be spread out across multiple accounts that are each under the FDIC's $250,000 insurance limit. [16]
The company provides a corporate credit card called Mercury IO. [17] [18]
The company also operates Mercury Raise, a service connecting customers with investors. [19]