Funding round
Mercury Series C
Mercury, which works in business banking services in San Francisco, raised $300M in a Series C round announced on 25 Mar 2025, led by Sequoia Capital, at a $3.50B post-money valuation. 6 firms took part, 3 of them already investors. It is Mercury's third venture round on record; the one before was a Series B in Jul 2021.
$300M
Amount raised
$3.50B
Post-money valuation
$3.20B pre-money
6
Investors
1 lead
2.2x
Step-up from the Series B
$1.62B in Jul 2021
8.6%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Mercury at $3.50B after the new money, 2.2 times the $1.62B of its Series B (Jul 2021). The $300M bought investors about 8.6% of the company. It came 44 months after Mercury's Series B. It is 47% of the $640M Mercury has raised in the venture rounds on record. Mercury raised again 14 months later: a Series D round of $200M in May 2026, at $5.20B 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 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 this round 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
Sequoia Capital led the round with 5 other firms. Coatue, CRV and Andreessen Horowitz had backed Mercury before.
Lead investor
- Sequoia Capital backs 589 venture-backed companies new investor
Also in the round
- Spark Capital backs 234 venture-backed companies new investor
- backs 25 venture-backed companies new investor
- Coatue backs 229 venture-backed companies existing investor
- CRV backs 177 venture-backed companies existing investor
- Andreessen Horowitz backs 722 venture-backed companies existing investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, sales and marketing, scaling operations, acquisitions and working capital.
- Hiring
- Product development
- Sales and marketing
- Scaling operations
- Acquisitions
- Working capital
Comparable rounds
How it compares
6 Series C rounds in Banks & ATMs within a year either side disclosed an amount; the median was $97M, and this round was 3.1 times the median. The closest in time, other companies' Series C rounds in Banks & ATMs:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Banks & ATMs | 16 Dec 2024 | $29M | not disclosed | Upfront Ventures |
| Banks & ATMs | 29 Oct 2024 | $110M | $1.00B | Development Partners International |
| Banks & ATMs | 22 Sep 2025 | $120M | $1.50B | TPG |
| Kapital Bank Banks & ATMs | 1 Sep 2025 | $110M | $1.30B | Tribe Capital and Pelion Venture Partners |
| Banks & ATMs | 5 Dec 2025 | $12M | not disclosed | not named |
| Banks & ATMs | 29 May 2024 | $83M | not disclosed | not named |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did Mercury raise in its Series C round?
Mercury raised $300M in its Series C round, announced in Mar 2025.
Who led Mercury's Series C round?
Sequoia Capital led it, with Spark Capital, Marathon Venture Capital, Coatue, CRV and Andreessen Horowitz.
What was Mercury's valuation at the Series C round?
$3.50B post-money ($3.20B pre-money).
How does it compare with other Series C rounds in Banks & ATMs?
6 Series C rounds in Banks & ATMs within a year either side disclosed an amount; the median was $97M, and this round was 3.1 times the median.
Did Mercury raise again after this round?
Yes: a Series D round in May 2026 of $200M at $5.20B post-money.