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Mercury Technologies
American financial technology company From Wikipedia, the free encyclopedia
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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]
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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]
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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]
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