Company:Mercury Technologies

From HandWiki
Mercury
IndustryFinancial technology
Founded2017; 9 years ago (2017)[1]
FoundersImmad Akhund
Max Tagher
Jason Zhang[2]
Headquarters
San Francisco, California
,
United States
Key people
Immad Akhund (CEO)
Max Tagher (CTO)
Jason Zhang (COO)[2]
ProductsBanking services
Number of employees
800[3] (2024)
Websitemercury.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]

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

Template:Promotional section 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. ↑ 1.0 1.1 1.2 1.3 1.4 Mason, Emily (September 12, 2022). "Mercury Launches Corporate Charge Card, Entering Crowded Fintech Field That Includes Brex And Ramp". https://www.forbes.com/sites/emilymason/2022/09/12/mercury-launches-corporate-charge-card-entering-crowded-fintech-field-that-includes-brex-and-ramp/. Retrieved July 20, 2023. 
  2. ↑ 2.0 2.1 Azevedo, Mary Ann (July 7, 2023). "SVB's collapse drove 26K customers to Mercury in 4 months". https://techcrunch.com/2023/07/07/mercury-says-it-gained-nearly-26k-new-customers-in-the-four-months-after-svbs-collapse/. Retrieved July 20, 2023. 
  3. ↑ 3.0 3.1 Donaldson, Ali (March 28, 2025). "How Mercury Scored a $3.5 Billion Valuation in 8 Years". https://www.inc.com/ali-donaldson/how-mercury-scored-a-3-5-billion-valuation-in-eight-years/91167258. 
  4. ↑ 4.0 4.1 Azevedo, Mary Ann (March 13, 2023). "Mercury expands FDIC insurance up to $3M through new Vault product". https://techcrunch.com/2023/03/13/mercury-expands-fdic-insurance-up-to-3m-through-new-vault-product/. Retrieved July 20, 2023. 
  5. ↑ Loizos, Connie (March 15, 2022). "Startup banking service Mercury jumps into debt lending to take on Silicon Valley Bank". https://techcrunch.com/2022/03/15/startup-banking-service-mercury-jumps-into-debt-lending-to-take-on-silicon-valley-bank/. Retrieved July 22, 2023. 
  6. ↑ Kauflin, Jeff (March 15, 2023). "Silicon Valley Bank Collapse Produces An Early Winner: Digital Banks". https://www.forbes.com/sites/jeffkauflin/2023/03/15/silicon-valley-bank-collapse-produces-an-early-winner-digital-banks/. Retrieved July 20, 2023. 
  7. ↑ Becker, Sam (April 17, 2024). "Startup-focused neobank Mercury launches personal banking, targeting the founder class". https://www.fastcompany.com/91107304/mercury-neobank-for-startups-launches-personal-banking-founders. 
  8. ↑ Azevedo, Mary Ann (May 7, 2024). "Startup neobank Mercury is taking on Brex and Ramp with new bill pay, spend management software". https://techcrunch.com/2024/05/07/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. https://www.reuters.com/sustainability/boards-policy-regulation/arkansas-based-evolve-bank-confirms-cyber-attack-data-breach-2024-06-26/. 
  10. ↑ Xie, Teresa; Gorrivan, Charles (2024-06-26). "Evolve Bank & Trust Confirms Data Was Stolen in Cyber Attack". https://www.bloomberg.com/news/articles/2024-06-26/evolve-bank-trust-confirms-its-data-was-stolen-in-cyber-attack. 
  11. ↑ 11.0 11.1 11.2 "Fintech Neobank Mercury Severs Its Relationship With Evolve Bank". March 12, 2025. https://www.bloomberg.com/news/articles/2025-03-12/fintech-neobank-mercury-severs-its-relationship-with-evolve-bank. 
  12. ↑ "Fintech Mercury lands $300M in Sequoia-led Series C, doubles valuation to $3.5B". 26 March 2025. https://techcrunch.com/2025/03/26/fintech-mercury-lands-300m-in-sequoia-led-series-c-doubles-valuation-to-3-5b/. 
  13. ↑ Azevedo, Mary Ann (March 26, 2025). "Fintech Mercury lands $300M in Sequoia-led Series C, doubles valuation to $3.5B". https://techcrunch.com/2025/03/26/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". https://www.wsj.com/livecoverage/stock-market-today-dow-nasdaq-sp500-03-26-2025/card/exclusive-fintech-banking-startup-mercury-raises-300-million-at-a-3-5-billion-valuation-vXq9qru1qLFSwNB1yyMw. 
  15. ↑ Leffert, Catherine (March 23, 2023). "Mercury and Brex acquired thousands of ex-SVB clients. Will they stay?". https://www.americanbanker.com/news/mercury-and-brex-acquired-thousands-of-ex-svb-clients-will-they-stay. Retrieved July 22, 2023. 
  16. ↑ 16.0 16.1 Brewster, Lucy (May 11, 2023). "Mercury has attracted depositors after SVB fell. But can it keep them". https://fortune.com/2023/05/11/mercury-2-billion-deposits/. Retrieved July 22, 2023. 
  17. ↑ Mason, Emily. "Mercury Launches Corporate Charge Card, Entering Crowded Fintech Field That Includes Brex And Ramp". https://www.forbes.com/sites/emilymason/2022/09/12/mercury-launches-corporate-charge-card-entering-crowded-fintech-field-that-includes-brex-and-ramp/. 
  18. ↑ PYMNTS (2024-10-09). "Mercury Gets $100 Million Credit Warehouse for Corporate Card Business" (in en-US). https://www.pymnts.com/credit-cards/2024/mercury-gets-100-million-dollar-credit-warehouse-corporate-card-business/. 
  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". https://www.cnbc.com/2021/05/16/graviti-gives-unbanked-in-mexico-access-to-home-appliances-.html. 




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