Fintech Mercury raised $300 million in capital while adding four new directors.
The San Francisco company said in a press release that the Series C investment round, led by Sequoia Capital, represents a valuation of $3.5 billion. Other participants included new investors Spark Capital and Marathon, along with existing backers Coatue, CRV and Andreessen Horowitz.
Mercury, founded in 2017, added Tim Mayopoulos, Tom Brown, Sonya Huang and Jason Zhang to its board. Mayopoulos, a former executive at Bank of America and Fannie Mae, also served as CEO of Silicon Valley Bridge Bank after the bank’s high-profile failure in 2023.
Brown is a policy adviser at Paul Hastings and a board partner at Nyca Partners. Huang is a partner at Sequoia Capital, while Zhang is Mercury’s chief operating officer.
“Mercury began with the vision that banking should do more than safely hold money – it should bring all the ways people and businesses use money into a single product that feels extraordinary to use,” Immad Akhund, Mercury’s co-founder and CEO, said in the release.
Mercury recently announced plans to sever ties with Evolve Bank, its Banking-as-a-Service sponsor.