Mercury’s digital startup startup collected $ 300 million in basic and secondary financing with a valuation price $ 3.5 billion after repayment of cash, the company confirmed TechCrunch on Wednesday.
The valuation is greater than twice as much as the startup valuation when he has recently collected capital – Series B round price $ 120 million In 2021, it valued the company at $ 1.62 billion for money.
Sequoia led the latest round – Series C – next to existing reservoirs, CRV, Andreessen Horowitz and recent investors of Spark Capital and Marathon. This is the first control, which Sequoia has written in a mercury since the startup in 2017 has been brought by Raise primary and secondary funds of Mercury up to $ 500 million. The company refused to break up how much the C series was basic, and how secondly it was with Mercury General Director and co -founder Immad Akhund that “the majority” was basic.
He added that Mercury plans to submit a wider tender offer of employees.
Akhund also told TechCrunch that the startup achieved $ 500 million revenues in 2024 and that he observed 10 consecutive quarters of profitability each in the case of eBitda and Gaap net income.
The company has over 200,000 firms as customers and claims that customers’ growth by 40% yr on yr. Akhund refused to divide data of revenues from previous years, but noticed that his payment volume increased by 64% to $ 156 billion. According to Akhund, his clients are of size and include technology firms akin to line, phantom and elevenlabs; Venture Capital; e-commerce firms; and a variety of small firms.
Mercury launched its first corporate bank card in 2022. In May in May, Mercury told Techcrunch that he imposes software on his bank accounts, which supplies business clients the opportunity to pay bills, invoice clients and employees’ return. These additional functions have meant that the company in much more direct competition with Brex and Ramp, two competing fintechs, which have been fighting for market participation for years in an increasingly crowded space.
Later this yr, Mercury plans to launch a consumer banking product, which he announced for the first time in April 2024.
Akhund said Mercury would look at the acquisitions with the recent capital. It can even employ. Currently, Mercury has 850 employees with growth plans to over 1000 in 2025.
The startup has been entangled in a drama with a partner Bank Evolve Bank & Trust and in recent years the Synaps of Startups Baas. On March 12, Mercury announced that he decided to end his relationship with Evolve and clients’ migration to other banking partners. Akhund told TechCrunch that Mercury stopped sending recent customers to evolution in 2022.
It is believed that Raise C Mercury is the largest fintech financing round announced this yr in which Klara is preparing for the audience.
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