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

Digital banking startup Mercury has raised $300 million in primary and secondary funding at a $3.5 billion post-money valuation, the company confirmed to TechCrunch on Wednesday. The valuation is more than double the startup’s valuation when it last raised capital — a $120 million Series B round in 2021 that valued the company at $1.62 billion post-money. Sequoia led the latest round — a Series C — alongside existing backers Coatue, CRV, Andreessen Horowitz, and new investors Spark Capital and Marathon. It’s the first check that Sequoia has written into Mercury since the startup was founded in 2017. The raise brings Mercury’s total primary and secondary funding to $500 million. The company declined to break down how much of the Series C was primary and how much was secondary with Mercury CEO and co-founder Immad Akhund saying the “majority” was primary. Mercury is planning to do a broader employee tender offer at a later date, he added. Akhund also told TechCrunch that the startup ... Read full article.