The story
Mercury was founded in 2017 by Immad Akhund, Max Tagher, and Jason Zhang. Mercury's business bank accounts launched in 2019. In March 2022, the company began offering venture debt services to its customers. In September 2022, the company launched a corporate charge card.
The company reportedly gained a significant number of new customers and deposits in the wake of the March 2023 Silicon Valley Bank failure.
In April 2024, Mercury launched personal banking for consumers. In May 2024, Mercury launched financial software to help businesses pay bills, send invoices and reimburse employees.
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. The ransomware group LockBit took credit for the attack. In October 2024, Mercury added Plaid founder William Hockey's bank Column as a new partner bank.
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.
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. 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. In 2024, Mercury had $500 million revenue, and had $156 billion in payment volume. Mercury added Timothy Mayopoulos, the FDIC appointed interim head of Silicon Valley Bank, to its board of directors.
In April 2026, Mercury received conditional approval from the Office of the Comptroller of the Currency for a national bank charter. This was followed by a $200 million Series D round at a $5.2 billion valuation in May of 2026.
From Wikipedia’s article on Mercury Technologies, shared under CC BY-SA 4.0.7