Fintech Mercury lands $300M in Sequoia-led Series C, doubles valuation to $3.5B

Digital Banking Startup Mercury The $ 3.5 billion has collected $ 300 million to determine the price, the company confirmed on Wednesday to TechCrunch.

The evaluation is more than twice the startup evaluation when the capital is raised in the end – A 120 million dollar series B round In 2021 which gives the company the price of $ 1.62 billion post-money.

Sikoia led the latest round – a series C – existing Backers Coat, CRV, Andresen Horovits and new investors in addition to Spark Capital and Marathon Spark. This is the first check that has been written in Mercury since its establishment in Sikoiya 2017. This raising brings the total primary and secondary fund of Mercury to $ 500 million.

Mercury chief executive officer and co-founder Emad Akhund TechCrunch told TechCrunch that the startup earned $ 1 million in 2021 and saw the profitability in 10 quarters drawn in both EBITDA and GAP net income.

The company has counted more than 200,000 companies as customers and claimed that it has increased customer over 40% of the year. Akhund has refused to share revenue statistics since previous years, but mentioned that its payment increased by 64% increased to $ 66 billion. According to Akhund, its customers are in the form and it includes technology companies such as Linar, Phantom, and Againlab, enterprising companies, e-commerce companies and various small businesses.

His first corporate credit card was launched in 2022 of Mercury. That additional feature Put the company in the more direct competition With Brex and Ramp’s preferences, two rivals fintech who have been fighting for market shares for years An increasingly crowded spaceThe

Mercury will keep an eye on his new capital acquisition, said Akhund.

Startup was involved Play Evolov Bank and Trust and MBLTED BAG STARTUP WITH PARTER BANK Sympus In recent years. On March 12, Mercury declared that it was decided to end its relationship with its other bank partners with customers.

Mercury Series C Raising this year is considered to be the largest fintech funds announced this year, it is watching Clara to be ready Go publiclyThe