Funding round
Mercury Series B
Mercury, which works in business banking services in San Francisco, raised $120M in a Series B round announced on 30 Jul 2021, led by Coatue, at a $1.62B post-money valuation. 4 firms took part. It is Mercury's second venture round on record; the one before was a Series A in Sep 2019.
$120M
Amount raised
$1.62B
Post-money valuation
4
Investors
1 lead
7.4%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Mercury at $1.62B after the new money. The $120M bought investors about 7.4% of the company. It came 22 months after Mercury's Series A. It is 19% of the $640M Mercury has raised in the venture rounds on record. Mercury raised again 44 months later: a Series C round of $300M in Mar 2025, at $3.50B post-money.
Mercury's funding rounds
Mercury has 4 venture rounds on record and 1 other deal. This one is highlighted.
- Series A 25 Sep 2019, led by CRV $20M
- Series B this round 30 Jul 2021, led by Coatue $120M$1.62B post-money
- Debt not a venture round 9 Oct 2024, led by Natixis Corporate & Investment Banking $100M
- Series C 25 Mar 2025, led by Sequoia Capital $300M$3.50B post-money
- Series D 20 May 2026, led by Technology Crossover Ventures $200M$5.20B post-money
Investors
Who put money in
Coatue led the round with 3 other firms.
Lead investor
- Coatue backs 229 venture-backed companies new investor
Also in the round
- Andreessen Horowitz backs 722 venture-backed companies new investor
- CRV backs 177 venture-backed companies new investor
- Sapphire Ventures backs 148 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
19 Series B rounds in Banks & ATMs within a year either side disclosed an amount; the median was $55M, and this round was 2.2 times the median. The closest in time, other companies' Series B rounds in Banks & ATMs:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Banks & ATMs | 6 Jul 2021 | $42M | not disclosed | Tiger Global |
| Banks & ATMs | 6 Jul 2021 | $42M | not disclosed | Tiger Global |
| Banks & ATMs | 1 Aug 2021 | $55M | $500M | Valar Ventures and Target Global |
| Banks & ATMs | 29 Apr 2021 | $73M | $436M | Greenoaks |
| Allica Bank Banks & ATMs | 24 Nov 2021 | $147M | not disclosed | Atalaya Capital Management and Warwick Capital Partners |
| Banks & ATMs | 1 Nov 2021 | $50M | $315M | B Capital |
| Banks & ATMs | 24 Mar 2021 | $30M | not disclosed | Founders |
| Tyme Group Banks & ATMs | 7 Dec 2021 | $180M | not disclosed | not named |
Sources
Where this comes from
Reported by 1 source.
Questions
Frequently asked
How much did Mercury raise in its Series B round?
Mercury raised $120M in its Series B round, announced in Jul 2021.
Who led Mercury's Series B round?
Coatue led it, with Andreessen Horowitz, CRV and Sapphire Ventures.
What was Mercury's valuation at the Series B round?
$1.62B post-money.
How does it compare with other Series B rounds in Banks & ATMs?
19 Series B rounds in Banks & ATMs within a year either side disclosed an amount; the median was $55M, and this round was 2.2 times the median.
Did Mercury raise again after this round?
Yes: a Series C round in Mar 2025 of $300M at $3.50B post-money.