Mercury Lands $300M to Scale Its Offering
Hey FinTech Fanatic!
When Immad Akhund, Max Tagher, and Jason Zhang started Mercury in 2017, the goal was to create a banking experience that fit the way startups operate. Over time, the company has added tools that go beyond traditional banking, helping businesses manage their finances more efficiently. Now, with a $300 million Series C funding round, Mercury is looking ahead to its next steps.
Sequoia Capital led the round, with participation from Spark Capital, Marathon, Coatue, CRV, and Andreessen Horowitz. The new funding values the company at $3.5 billion—more than double its 2021 valuation of $1.6 billion. The round includes both primary and secondary investments, reflecting continued investor interest in Mercury’s approach to business banking.
“This round is about seizing the opportunities ahead for our next phase of growth, including driving innovation with new products, exploring acquisitions, and ensuring long-term financial flexibility,” said CEO Immad Akhund.
The company reports ten straight quarters of profitability, $500 million in revenue for 2024, and $156 billion in transaction volume, a 64% increase from last year.
Mercury started with banking but has since introduced credit cards, invoicing, bill pay, and expense management features. Today, it serves more than 200,000 businesses, from early-stage startups to growing tech companies like Linear, Phantom, and ElevenLabs.
Managing finances is a key part of running a business, but it’s rarely the main focus for founders. Mercury has been expanding its tools to fit the needs of growing companies, from banking to payments and expense management.
With this new funding, the company plans to build on what it has already developed, explore potential acquisitions, invest in new products, and expand its team while keeping long-term financial flexibility in mind.
Read more global FinTech industry updates below 👇 and I'll be back with more tomorrow!
Cheers,
INSIGHTS
📈 Here's Crunchbase’s list of Likely FinTech IPO Candidates 👇
Which company do you think will go public first?
FINTECH NEWS
🇦🇪 InDebted launches in the UAE to provide modern debt resolution experiences through AI. The company is focused on empowering consumers to take hold of overdue accounts by making payment options seamless and stress-free. Keep reading
🇮🇳 PhonePe launches vehicle insurance and expands offerings. Users can now compare policies and purchase insurance directly through the PhonePe app. It aims to expand in insurance, with savings up to 4,000 rupees (US$46.71) on two-wheelers and 40,000 rupees (US$467.11) on four-wheelers.
🇮🇳 Groww in talks to rack up pre-IPO funding at $6.5 billion valuation. The stockbroking firm is evaluating a $200 million fundraise and has held discussions with Singapore’s sovereign wealth fund GIC as well as existing investor Tiger Global. Groww’s last fundraise in 2021 valued the platform at around $3 billion.
🇺🇸 Trump signs order to modernize how US government handles payments. Announcing the order, The White House states: “Effective September 30, 2025, the federal government will cease issuing paper checks for all disbursements, including intragovernmental payments, benefits, vendor payments, and tax refunds.”
🇮🇳 Google Pay, PhonePe, Paytm face outage amid nationwide UPI glitch. According to Downdetector, outage reports spiked in the evening, affecting fund transfers, transactions, and login access. The outage caused frustration among users relying on these apps for daily transactions.
🇺🇸 PayPal surpasses $30B in global small business lending. The firm has extended more than 1.4 million loans and cash advances to more than 420,000 business accounts globally since 2013, filling a critical gap for small businesses looking for capital to maintain a healthy cashflow and grow.
PAYMENTS NEWS
🇨🇴 ACI Worldwide will lead the technological infrastructure of Bre-B and Colombia's Pix to implement the core infrastructure for instant payments in the country. This initiative is aimed at improving interoperability and efficiency within the financial system. The first phase is set to launch in July, with the implementation of a centralized key directory, followed by a liquidity management system in October.
🇵🇱 In 2023, BLIK recorded over 𝟭.𝟳𝗕 transactions, making it Europe’s most-used mobile payment system. In 2024, that number reached an impressive 𝟮.𝟰𝗕 🤯
🇱🇰 Alipay+ accepted at 400,000 merchants in Sri Lanka. Ant International and LankaPay have launched Alipay+ through LANKAQR, the country’s national QR code standard introduced by the Central Bank. With the rollout, travelers from 10 countries and regions can use 14 Alipay+ partner e-wallets to make payments.
🌎 AstroPay expands access to multicurrency wallet across Latin America. With this expansion, the company is giving digital workers and global travelers a faster, lower-cost way to send, receive, and spend money without relying on slow and expensive banking systems in Colombia, Brazil, Argentina, Peru, and Chile.
🇪🇨 Ecuador, Tupay's first destination for international expansion. The company aims to expand beyond betting into sectors like retail, education, and services by offering new payment collection solutions and planning to grow its processed volume 3.5 times in 2025.
🇺🇸 TreviPay launches advanced purchase controls to streamline B2B purchasing and enhance compliance. The new functionality addresses pain points in the B2B purchasing process by automating controls that reduce payment delays, minimize manual reconciliation work, and enhance overall compliance.
🇬🇧 Moniepoint tests remittance product. This will enable users in the UK to send money to Nigeria. This new offering is currently in the beta phase ahead of a planned public launch. To be able to open a MonieWorld UK account, users need to be UK residents, 18+ years old, with a valid mobile number.
REGTECH NEWS
🌍 Trustly unveils groundbreaking biometric technology to speed up logins in Europe. Trustly ID allows players to verify their identity and access their gaming accounts instantly using facial recognition or fingerprint authentication, eliminating the need for manual or bank logins and clunky KYC flows.
DIGITAL BANKING NEWS
🇲🇽 FinTech Valiu launches interest-bearing account for SMEs. This account allows businesses to earn daily interest on their capital with no fixed terms or commission fees, and offers an annual return rate of 5.79%. Funds can be withdrawn at any time, offering liquidity without penalties.
🇨🇭 Accounts of UBS clients partly debited twice. Certain debits on clients' accounts are currently being displayed twice. Clients have been informed accordingly, UBS stated. The cause has been identified and the incorrect bookings will be corrected.
BLOCKCHAIN/CRYPTO NEWS
🇯🇵 Circle and SBI Holdings ignite stablecoin expansion in Japan. Their partnership aims to integrate stablecoins into Japan's financial system and promote their adoption for payments, trading, and investment. This move is seen as a significant step in advancing the adoption of digital assets in Japan's market.
🇺🇸 CME tests Google’s blockchain technology in 24-Hour trading move. The Chicago-based exchange operator is piloting payment solutions and the tokenization of assets using distributed ledger from Google Cloud. CME has completed the first phase of integration and testing of the Google technology.
🇺🇸 Fidelity plans to launch stablecoin in digital assets push. The firm´s planned launch is part of its expansion into the nascent market for tokenised versions of US Treasuries, having been involved in digital assets for more than a decade. Read more
🇺🇸 Zero Hash secures approval to establish a Trust Company, strengthening its custody capabilities. With the addition of a chartered Trust Company, Zero expands its regulatory footprint, ensuring the broadest regulatory coverage for crypto and stablecoin infrastructure.
🇲🇽 Crypto Exchange Bitso launches stablecoin business, eyeing LatAm cross-border payments through its subsidiary, Juno. The first stablecoin is pegged to the Mexican peso and is designed to facilitate cross-border payments. This move positions Bitso to capitalize on the growing demand for stablecoins in the region.
PARTNERSHIPS
🇺🇸 Visa and Extend team on virtual card access. Extend’s solution enables what Visa defines as emerging middle-market companies to manage spending with the power of virtual cards to increase controls, fight fraud, and close their books faster. Continue reading
🇦🇪 PayPal strengthens UAE startup and SMB ecosystem with a strategic partnership with Ignyte. PayPal will play a crucial role in enabling entrepreneurs and small businesses to manage payments effortlessly, making it easier for them to operate across borders and grow in the digital economy.
🇬🇧 Tuum and Fiinu reactivate core banking agreement to power white-label expansion. Fiinu will leverage Tuum environment, allowing them to resume development without restarting from scratch. This significantly shortens implementation cycles and reduces onboarding friction for new institutional partners.
🇸🇬 Orbital partners with Know Your Customer to improve compliance. This collaboration aims to improve Orbital’s compliance framework, improving client onboarding while reinforcing security, transparency, and efficiency in cross-border transactions.
🌎 Worldline partners with Castles Technology to provide innovative SoftPOS payment solution in North America. This partnership is to provide the premier solution for ISVs by combining competitive advantages and collaborating on an advanced SoftPOS solution.
🇧🇷 Itaú Unibanco partners with Wise Platform to strengthen its cross-border payments experience for customers. This new solution allows Itaú customers in Brazil to make international payments or send money with the same ease and simplicity as with Pix, any time, every day of the week.
🇺🇸 Alkami and Greenlight partner to bring youth banking to financial services. Through this collaboration, Alkami’s clients can now offer their account holders access to Greenlight, a debit card and finance mobile app experience that enables kids and teens to earn, save, and spend money wisely.
DONEDEAL FUNDING NEWS
🇬🇧 Firenze closes £2.5m seed funding round led by Outward VC, the Backers of Curve, PrimaryBid, and Vauban. The latest investment will be used to fuel the firm’s rapid growth and support its mission to broaden access to Lombard lending outside of private banks, who typically only serve those with over £1m in assets.
🇳🇬 Nigerian FinTech Payhippo rebrands as Rivy, raises $4 million for clean energy financing. The funding, split evenly between $2 million in debt and $2 million in equity, will help the company expand beyond Nigeria with its clean energy financing solutions for businesses.
🇺🇸 Mercury has raised $300 million in a Series C funding round, valuing the company at $3.5 billion. The new capital will support Mercury’s continued investment in building unified financial products for businesses. The company plans to explore strategic acquisitions, expand its product offering, and grow its team.
MOVERS AND SHAKERS
🇺🇸 BMO hires former JP Morgan exec Tony Sciarrino to lead US commercial bank. In his new role, Sciarrino will oversee nearly 2,000 team members providing a range of services to BMO's regional clients. Keep reading
🇦🇪 Evangeline Mauthe joins XTB as Head of Compliance MENA. She will be based in XTB’s just-opened Dubai office for her new role with the company. Mauthe has worked in senior compliance roles for a variety of CFDs brokers over the past 15 years, including Alpari, Axi, Equiti Group, and FXGate.
🇺🇸 BofA hires Chris Norman to lead Americas Technology M&A. Norman most recently the head of West Coast technology M&A for Wells Fargo, and is set to join BofA after a period of gardening leave. He’ll be based in Palo Alto, California, and report to Ivan Farman and Eamon Brabazon, the firm’s global co-heads of M&A.
🇺🇾 dLocal announces CFO transition due to health reasons. Mark Ortiz will step down from his role due to an unforeseen health issue that requires attention. The transition will take effect once the company has filed its annual report on Form 20-F, including the 2024 annual audited financial statements.
Want your message in front of 100.000+ FinTech fanatics, founders, investors, and operators?
Shoot me a message on LinkedIn or send me an e-mail.
Comments ()