Mercury Technologies

Last updated
Mercury
Industry Financial technology
Founded2017;8 years ago (2017) [1]
FoundersImmad 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.com

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]

Contents

History

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]

Business

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]

References

  1. 1 2 3 4 5 Mason, Emily (September 12, 2022). "Mercury Launches Corporate Charge Card, Entering Crowded Fintech Field That Includes Brex And Ramp". Forbes. Retrieved July 20, 2023.
  2. 1 2 Azevedo, Mary Ann (July 7, 2023). "SVB's collapse drove 26K customers to Mercury in 4 months". Techcrunch. Retrieved July 20, 2023.
  3. 1 2 Donaldson, Ali (March 28, 2025). "How Mercury Scored a $3.5 Billion Valuation in 8 Years".
  4. 1 2 Azevedo, Mary Ann (March 13, 2023). "Mercury expands FDIC insurance up to $3M through new Vault product". Techcrunch. Retrieved July 20, 2023.
  5. Loizos, Connie (March 15, 2022). "Startup banking service Mercury jumps into debt lending to take on Silicon Valley Bank". Techcrunch. Retrieved July 22, 2023.
  6. Kauflin, Jeff (March 15, 2023). "Silicon Valley Bank Collapse Produces An Early Winner: Digital Banks". Forbes. Retrieved July 20, 2023.
  7. Becker, Sam (April 17, 2024). "Startup-focused neobank Mercury launches personal banking, targeting the founder class".
  8. Azevedo, Mary Ann (May 7, 2024). "Startup neobank Mercury is taking on Brex and Ramp with new bill pay, spend management software".
  9. "Arkansas-based Evolve Bank confirms cyber attack and data breach". Reuters. 2024-06-26. Retrieved 2024-06-27.
  10. Xie, Teresa; Gorrivan, Charles (2024-06-26). "Evolve Bank & Trust Confirms Data Was Stolen in Cyber Attack". Bloomberg. Retrieved 2024-06-27.
  11. 1 2 3 "Fintech Neobank Mercury Severs Its Relationship With Evolve Bank". March 12, 2025 via www.bloomberg.com.
  12. "Fintech Mercury lands $300M in Sequoia-led Series C, doubles valuation to $3.5B". 26 March 2025.
  13. Azevedo, Mary Ann (March 26, 2025). "Fintech Mercury lands $300M in Sequoia-led Series C, doubles valuation to $3.5B".
  14. "Exclusive: Fintech Banking Startup Mercury Raises $300 Million at a $3.5 Billion Valuation". WSJ.
  15. Leffert, Catherine (March 23, 2023). "Mercury and Brex acquired thousands of ex-SVB clients. Will they stay?". American Banker. Retrieved July 22, 2023.
  16. 1 2 Brewster, Lucy (May 11, 2023). "Mercury has attracted depositors after SVB fell. But can it keep them". Fortune. Retrieved July 22, 2023.
  17. Mason, Emily. "Mercury Launches Corporate Charge Card, Entering Crowded Fintech Field That Includes Brex And Ramp". Forbes.
  18. PYMNTS (2024-10-09). "Mercury Gets $100 Million Credit Warehouse for Corporate Card Business". PYMNTS.com. Retrieved 2025-05-10.
  19. Clifford, Catherine (May 16, 2021). "How this 28-year-old is giving unbanked families in Mexico access to solar hot water heaters, washing machines, refrigerators". CNBC.