/Companies

Mercury

Unicorn · $5.2B500 Global '19

San Francisco, US · Founded 2017 · 1,747 employees on LinkedIn · 59 known investors

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Also known as Mercury · Mercury Technologies · Mercury Technologies, Inc.

Founders & leadership

Mercury was founded in 2017 by Immad Akhund, Jason Zhang, and Max Tagher.

IAImmad Akhund
Immad AkhundCEO & FounderGeneral Partner at Immad Akhund
JZJason Zhang
Jason ZhangCOO, Co-founder
MT
Max TagherFounder
MT
Max TazhitdinovFounder
MT
Max TazhnudinovFounder

Board

TB
Tom BrownBoard director
SGSaar Gur
Saar GurBoard directorGeneral Partner at CRV (Charles River Ventures)
SHSonya Huang
Sonya HuangBoard MemberPartner at Sequoia Capital

Investors · 59

500 Globallisted by 500 GlobalPalo Alto · $150K

How we know: open dataset · Top 3000 Accelerator Startups (no YC) 2026-08 · open dataset · 500 Global portfolio 2026-08 · research · golden.com · Not right? Tell us

Andreessen Horowitzlisted by Andreessen HorowitzMenlo Park · $500K – $50M

How we know: a16z's portfolio · a partner's Signal profile · funding news · offering press articles · research · golden.com · open dataset · 5k.vc investor directory · Not right? Tell us

TCVlisted by TCVMenlo Park · $10M – $500M

How we know: TCV's portfolio page · a partner's Signal profile · funding news · offering press articles · research · golden.com · open dataset · 5k.vc investor directory · Not right? Tell us

UncommonreportedToronto

How we know: the VCSheet dataset · Not right? Tell us

Zeno VenturesreportedGeneva

How we know: the VCSheet dataset · Not right? Tell us

Also in the syndicate · 1

Aditya Nagarsheth

Funding

SEC filings, press & company announcements

$626.2M disclosed across 5 of 12 rounds · 2017–2026

▶$200MraisedMay 2026 · 21 investors · Other Technology
Rule 506(b)
Officers, directors & promoters on the filing
  • Immad AkhundExecutive Officer, Director
  • Tim MayopoulosDirector
  • Jason ZhangExecutive Officer, Director
  • Sonya HuangDirector
  • Tom BrownDirector
  • Saar GurDirector
Offering amount
$200M
Amount sold
$200M
First sale
May 2026
Incorporated
Corporation, Delaware
Federal exemptions
06b
Full filing on SEC EDGAR ↗
▶$200MraisedApr 2025 · 6 investors · Other Technology
Rule 506(b)
Officers, directors & promoters on the filing
  • Immad AkhundExecutive Officer, Director
  • Tom BrownDirector
  • Saar GurDirector
  • Jason ZhangExecutive Officer, Director
  • Sonya HuangDirector
Offering amount
$200M
Amount sold
$200M
First sale
Mar 2025
Incorporated
Corporation, Delaware
Federal exemptions
06b
Full filing on SEC EDGAR ↗
▶$21.3MraisedNov 2019 · 85 investors · Other Technology
Rule 506(b)
Officers, directors & promoters on the filing
  • Saar GurDirector
  • Immad AkhundExecutive Officer, Director
Offering amount
$21.3M
Amount sold
$21.3M
First sale
Jul 2019
Incorporated
Corporation, Delaware, 2017
Federal exemptions
06b
Full filing on SEC EDGAR ↗
▶$4.9MraisedOct 2017 · 30 investors · Commercial Banking
Rule 506(b)
Officers, directors & promoters on the filing
  • Immad AkhundExecutive Officer, Director, Promoter
Offering amount
$4.9M
Amount sold
$4.9M
First sale
Oct 2017
Incorporated
Corporation, Delaware, 2017
Federal exemptions
06b
Full filing on SEC EDGAR ↗

Source: SEC EDGAR Form D. Amounts as filed; amended filings shown once at their latest values.

Valuation · disclosed

Disclosed events
$5.2Bvaluation at Series DMay 2026
filing ↗
$3.5Bvaluation at Series CMar 2025
filing ↗
$1.6Bvaluation at Series BJul 2021
filing ↗

Source: SEC prospectus filings, and round valuations the company or its investors disclosed — follow each entry's link for the claim.

Company profile

researched Aug 2026

Mercury is a financial technology company that provides business banking and financial operations software, primarily to startups, small businesses and scaling companies. It is not itself an FDIC-insured bank; banking services are provided through partner banks Choice Financial Group and Column N.A., both FDIC members. Customers can apply online in about 10 minutes for checking and savings accounts with no minimums, and access debit and credit cards, domestic and international wire transfers, treasury products, invoicing, bill pay and lending.

The product set extends beyond deposit accounts into broader financial operations: virtual and physical cards, expense management with limits, approvals and reimbursements, AI-assisted bill capture and transaction categorization, invoicing and accounts receivable, and accounting integrations with QuickBooks, Xero and NetSuite. Treasury by Mercury Advisory offers yield of up to 3.88% through portfolios described as powered by J.P. Morgan Asset Management and Morgan Stanley, and credit cards carry 1.5% cashback. Deposit protection of up to $5 million is offered via partner banks and their sweep networks. Mercury also markets a personal banking product with a 3.25% APY savings account, joint accounts and free USD wires, and has launched "Mercury Spend" for cards, budgets and controls, including for AI agents.

Beyond product, Mercury runs community programs for founders and describes itself as backed by venture capitalists, angel investors and more than 2,500 community members. In 2026 it disclosed conditional approval from the Office of the Comptroller of the Currency to become a federally regulated bank, which would let it expand lending, join the Zelle network and reduce dependence on sponsor banks; final approval is anticipated by the CEO as possibly ready in 2027.

Founding story

Mercury was founded in 2017 on the premise that banking should support rather than obstruct entrepreneurs, and the company says it spent its first five years reworking the banking experience. Co-founders are CEO Immad Akhund and COO Jason Zhang, both previously at Heyzap (Akhund as co-founder and CEO, Zhang as VP of business development), together with CTO Maximilian Tagher.

Business model

Mercury operates a software-led banking platform on top of partner banks, monetizing customer deposits and financial activity rather than charging monthly account fees. Checking and savings accounts are offered at $0/month with zero minimums and no fees on USD wires, while revenue-generating products include credit cards, treasury/cash-management portfolios, lending and venture debt, and paid business-operations tooling. Obtaining its own bank charter is expected to let the company retain more of the economics currently shared with sponsor banks.

Revenue derives from banking-adjacent financial products layered over free accounts — interchange and card programs, treasury and cash management, and lending — with the company reporting $650 million in annualized revenue as of the third quarter and four consecutive years of profitability.

Traction

More than 300,000 customers, including roughly a third of early-stage startups; over $20 billion in monthly transaction volume; a 4.9 Apple App Store rating; $650 million in annualized revenue and four years of profitability; and more than 1,000 employees. Earlier reported traction included 100,000 customers in 180 countries and $50 billion in transactions processed in 2022. After Silicon Valley Bank's failure in March 2023, Mercury took in more than $2 billion in deposits and retained 92% of those customers six months later.

Latest developments

In May 2026 CNBC reported a $200 million Series D led by TCV with participation from existing investors Sequoia Capital, Andreessen Horowitz and Coatue, valuing Mercury at $5.2 billion — 49% above the round 14 months earlier. Weeks before, Mercury disclosed conditional approval from the Office of the Comptroller of the Currency to become a federally regulated bank, which would permit expanded lending, Zelle membership and reduced reliance on partner banks, with final approval possibly ready in 2027. Mercury also launched Mercury Spend (cards, budgets and controls for teams and AI agents) and AI agent access to accounts, and plans a conversational AI finance interface. CEO Immad Akhund said he intends to keep the company independent and eventually take it public.

▸Full profile — market position, technology, go-to-market, geography, history, risks & controversies

Market position

Mercury positions itself as a tech-forward alternative to traditional business banks and competes with spend-management and payments firms such as Brex and Ramp. It reports more than 300,000 customers and says one in three startups choose Mercury, with over $20 billion in monthly transaction volume. It is described as one of a small group of fintechs, alongside Ramp and Stripe, that continued to grow after pandemic-era valuations deflated, and it gained share following the March 2023 collapse of Silicon Valley Bank.

Differentiators cited include a software-native user experience, instant issuance of virtual cards and day-one business credit cards without minimums, credit checks or personal guarantees, no-fee USD wires and no maintenance fees, unlimited 1.5% cashback deposited automatically, up to $5 million in FDIC insurance through partner-bank sweep networks (described as 20x usual coverage), and consolidation of banking, cards, bill pay, invoicing and accounting sync in one product.

Technology

The platform is built as software rather than adapted from legacy core banking, with most tasks completable in the app in one to two minutes. AI features include automated reading and population of bill details, AI-powered transaction categorization, automatic receipt matching to card transactions, universal search, automated transfers and approval flows. Mercury has released tools letting businesses interact with accounts through AI agents and plans a broader conversational AI interface for approving payments, sending invoices and managing finances. Security features include fraud and phishing protection, passkeys, dark web monitoring, and granular permissions and approval controls.

Go-to-market

Self-serve online onboarding (application in roughly 10 minutes) supplemented by a sales team and demos, product-led growth among founders, community programs offering connections and resources to entrepreneurs, customer testimonials from well-known startups, and press coverage. Support is offered via chat to all customers with dedicated account management for qualifying accounts.

Startups (particularly early-stage and venture-backed companies), small businesses, agencies, ecommerce brands, SaaS companies and scaling firms, plus individual consumers through a personal banking product. Named customers and references include Linear, Gainful, Supabase, Ways & Means, Lunchclub and Sprig.

Geography

Headquartered in San Francisco, California, with US partner banks Choice Financial Group and Column N.A. Its product supports international wire transfers and global USD payments, and it has been reported serving customers in 180 countries.

History

Founded in 2017 and headquartered in San Francisco, Mercury started with checking and savings accounts and debit and credit cards for startups, then expanded into treasury, venture debt, bill pay, invoicing and spend management. It raised a $120 million Series B announced in July 2021 and entered debt lending in March 2022. The March 2023 failure of Silicon Valley Bank brought a rapid influx of deposits and customers. The company subsequently raised a $300 million Series C and, in 2026, a $200 million Series D at a $5.2 billion valuation, while pursuing a national bank charter after receiving conditional OCC approval.

Risks & controversies

Mercury is not a bank and depends on sponsor banks Choice Financial Group and Column N.A. for banking services and deposit insurance; coverage applies only to the failure of an insured bank. Reporting notes the partnership model came under scrutiny after the collapse of fintech middleman Synapse exposed weaknesses in bank-fintech partnerships, and that Mercury is often larger than its sponsor banks, prompting regulators to seek direct oversight. Its bank charter remains conditional and unfinalized, with final approval not expected before 2027.

Compiled by commissioned research from 14 cited public sources — announcements, filings, and press listed under research sources below.

Key figures

latest reported
Annualized revenueMay 2026$650M
Apple App Store ratingJan 20264.9 stars
Community investorsJan 20262,500 members
CustomersMay 2026300,000 customers
Deposits added after SVB collapseJan 2023$2B
EmployeesJan 20261,000 employees
EmployeesJan 2026383 people
Estimated revenue (third-party estimate)Jan 2026$69M-$192M
FDIC insurance coverage via partner bank sweep networksJan 2026$5M
FDIC insurance coverage via partner sweep networksJan 2026$5M
HeadcountAug 20261,747
Monthly transaction volumeJan 2026$20B
Number of investorsJan 202656 investors
Open job postingsJan 202654 postings
Personal savings APYJan 20263.3%
Personal savings APY advertisedJan 20263.3%

Company-reported or press-reported figures, each dated to when it was claimed — not independently audited.

15 people who came through Mercury went on to found or lead other companies.

+ 3 more →

Related companies · 10

IntuitIntuit develops financial software products—including TurboTax, Credit Karma, QuickBooks, and Mailchimp—for consumers and small businesses to manage taxes, credit, accounting, and marketing. It serves approximately 100 million customers worldwide.
CorporatefinanceinstituteCorporate Finance Institute offers an online specialization program teaching finance professionals how to integrate environmental, social, and governance (ESG) factors into financial analysis, valuation, and investment decision-making. The program covers ESG frameworks, sustainability integration, greenhouse gas accounting, and climate risk management across eight core courses.
RampRamp offers a finance platform that combines corporate cards, expense management, and AI-driven automation for receipt capture, transaction coding, and reimbursements. It serves finance teams and businesses looking to consolidate spending tools and automate accounting workflows.
StripeStripe provides financial infrastructure for businesses to accept payments, offer financial services, and implement custom revenue models across international markets in 135+ currencies.
Fresh BooksFreshBooks is a cloud-based accounting and invoicing platform designed for small service-based businesses. The software helps business owners manage invoicing, accounting, and financial connections with customers.
Bill.com Holdings, Inc.BILL is a unified financial operations platform that automates accounts payable, receivables, and spend management for businesses. The platform processes over $345 billion in annual payment volume and serves nearly 500,000 customers across the US and 130+ countries.
BenchBench provides catch-up bookkeeping and tax resolution services for small business owners who have fallen behind on their books and back taxes. It prepares tax-ready financials and works with a network of tax resolution partners to help clients settle tax debt and negotiate with the IRS.
XeroXero provides cloud-based accounting software for small businesses and their advisors, serving around 5 million customers across 180+ countries including Australia, the UK, the US, and New Zealand. The page is an investor relations section covering financial results, annual reports, and shareholder information.
WiseWise is a financial platform offering international money transfers, multi-currency accounts, and debit cards with low fees and competitive exchange rates, serving millions of users globally.
BrexBrex provides financial services and software for companies, including corporate cards and expense management tools. The platform serves startups, scaled companies, and e-commerce brands to manage finances and spending.

Companies working in the same space as Mercury.

Timeline · 21

launches, deals, and filings
May 2026
Mercury raises $200M Series D at $5.2B valuation

CNBC reported Mercury raised $200 million led by TCV, with existing investors Sequoia Capital, Andreessen Horowitz and Coatue, at a $5.2 billion valuation — 49% above its prior round 14 months earlier.

$200M source ↗

May 2026
Mercury raises $200M Series D at $5.2B valuation led by TCV

Series D led by TCV with existing investors Sequoia Capital, Andreessen Horowitz and Coatue; valuation 49% above the prior round 14 months earlier.

$200M source ↗

May 2026
$200M Series D led by TCV at $5.2B valuation

TCV led the round with participation from a16z, Coatue, CRV, Sapphire Ventures, Sequoia Capital and Spark Capital; valuation up 49% in 14 months.

$200M source ↗

Jan 2026
AI agent account tools and planned conversational AI interface

Mercury launched tools allowing businesses to interact with their accounts through AI agents and plans a broader AI interface for approving payments, sending invoices and managing finances in conversational language.

source ↗

Jan 2026
Mercury Spend launched

Mercury announced Mercury Spend, providing cards, budgets and controls for teams and AI agents.

source ↗

Jan 2026
Conditional OCC approval to become a federally regulated bank

Mercury disclosed conditional approval from the Office of the Comptroller of the Currency to become a federally regulated bank, which would allow expanded lending, joining the Zelle network and reduced reliance on partner banks Column and Choice Financial. Final approval may be ready in 2027.

source ↗

Jan 2026
Recognition in Fast Company Most Innovative and Forbes Fintech 50

Mercury cites inclusion in Fast Company's Most Innovative list and the Forbes Fintech 50.

source ↗

Jan 2026
AI agent tools for account interaction

Mercury launched tools allowing businesses to interact with their accounts through AI agents, with a broader conversational AI interface planned.

source ↗

Mar 2025
$300M Series C led by Sequoia Capital at $3.5B valuation

Primary and secondary funding totaling $300M at a $3.5 billion post-money valuation, doubling the prior valuation.

$300M source ↗

Mar 2023
Deposit inflows after Silicon Valley Bank collapse

Following the failure of Silicon Valley Bank on March 10, 2023, Mercury added more than $2 billion in deposits and thousands of new accounts; Forbes reported it retained 92% of those customers six months later.

$2B source ↗

Mar 2023
Deposit inflows following Silicon Valley Bank collapse

Mercury added more than $2 billion in deposits and thousands of new accounts after SVB's failure on March 10, 2023, retaining 92% of those customers six months later.

$2B source ↗

Jan 2023
Ranked 16th in Fortune's Best Medium Workplaces

Mercury was rated 16th out of 100 in Fortune's Best Medium Workplaces list in 2023.

source ↗

Jan 2023
Recognized in Forbes Fintech 50 and Fast Company Most Innovative

Mercury cites inclusion in the Forbes Fintech 50 and Fast Company's Most Innovative Companies coverage.

source ↗

Jan 2023
Fortune Best Medium Workplaces ranking

Rated 16th of 100 in Fortune's Best Medium Workplaces in 2023.

source ↗

Mar 2022
Mercury enters debt lending

TechCrunch reported that Mercury moved into debt lending, positioning against Silicon Valley Bank.

source ↗

Jul 2021
$120M Series B led by Coatue Management at $1.62B post-money

$120M source ↗

Jul 2021
Series B of $120 million announced

Mercury announced a $120 million Series B on its blog, with an option for community members to join the round.

$120M source ↗

Jul 2021
Mercury announces $120M Series B

$120M source ↗

Sep 2019
$20M Series A

$20M source ↗

Apr 2019
Mercury launches to the public

Mercury announced its public launch in a blog post.

source ↗

Aug 2017
$6M seed round

$6M source ↗

Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.

Legal entities · 1

corporate structure
Mercury Technologies, Inc.Delaware

In the news

▸Research sources · 14

primary sources listed

14 public sources were cited for this profile; the first-party ones are listed here.

Frequently asked questions

What does Mercury do?
Mercury is a US fintech providing software-based banking, cards, payments and treasury services to startups and small businesses.
Who founded Mercury?
Mercury was founded by Immad Akhund, Jason Zhang, Max Tagher in 2017.
Who are Mercury's investors?
Mercury's investors include 500 Global, Andreessen Horowitz, Angel Collective Opportunity Fund, Ataraxia Capital, Better Tomorrow Ventures, Builders + Backers, Capital B Private Holdings, Chapter One and 50 more.
How much funding has Mercury raised?
Mercury has disclosed $626.2M raised across 5 of its 12 known rounds.
Where is Mercury headquartered?
Mercury is headquartered in San Francisco, US.