Mercury Technologies
American financial technology company
From Wikipedia, the free encyclopedia
Mercury Technologies Inc., commonly known as simply Mercury, is an American fintech company that provides banking services to start-up companies and small businesses. The company is not a bank, but works with banking service providers to provide bank accounts and other financial services.[4] The company was founded in 2017 in San Francisco, California.[1] As of May 2026, Mercury has a $5.2 billion valuation.[5]
Max Tagher
Jason Zhang[2]
 | |
| Industry | Financial technology |
|---|---|
| Founded | 2017[1] |
| Founders | Immad Akhund Max Tagher Jason Zhang[2] |
| Headquarters | San Francisco, California , |
Key people | Immad Akhund (CEO) Max Tagher (CTO) Jason Zhang (COO)[2] |
| Products | Banking services |
Number of employees | 800[3] (2024) |
| Website | mercury |
History
Mercury was founded in 2017 by Immad Akhund, Max Tagher, and Jason Zhang.[1] Mercury's business bank accounts launched in 2019.[1] In March 2022, the company began offering venture debt services to its customers.[6] In September 2022, the company launched a corporate charge card.[1]
The company reportedly gained a significant number of new customers and deposits in the wake of the March 2023 Silicon Valley Bank failure.[7]
In April 2024, Mercury launched personal banking for consumers.[8] In May 2024, Mercury launched financial software to help businesses pay bills, send invoices and reimburse employees.[9]
In June 2024, one of Mercury's partner banks, Evolve Bank & Trust, suffered a major data breach that included account numbers and deposit balances for Mercury accounts.[10] The ransomware group LockBit took credit for the attack.[11] In October 2024, Mercury added Plaid founder William Hockey's bank Column as a new partner bank.[12]
In March 2025, Mercury announced it planned to cut ties with Evolve Bank & Trust, and migrate customers to one of its other partner banks, Column N.A. and Choice Financial Group, by the end of 2025.[12]
In March 2025, Mercury raised $300 million in its Series C round, doubling its valuation to $3.5 billion from its 2021 Series B funding round. The Series C was led by Sequoia Capital and new including Spark Capital and Marathon, as well as returning investors Coatue, CRV and Andreessen Horowitz.[13] In 2024, Mercury had $500 million revenue, and had $156 billion in payment volume.[14] Mercury added Timothy Mayopoulos, the FDIC appointed interim head of Silicon Valley Bank, to its board of directors.[15]
In April 2026, Mercury received conditional approval from the Office of the Comptroller of the Currency for a national bank charter. [16] This was followed by a $200 million Series D round at a $5.2 billion valuation in May of 2026.[5]
Business
Mercury offers banking services to customers, primarily startups.[17]
In 2021, the company operated Mercury Raise, a service connecting customers with investors.[18]
The company is not a chartered bank, and is therefore unable to lend against deposits. Instead, it partners with regional bank networks to hold customer's deposits. As of 2024[update], its principle bank partners were North Dakota-based Choice Bank, which has a network of regional banks, and California-based Column.[12][19] This gives customers access to a sweep network of other banks such as Goldman Sachs and Capital One.[4] Customer deposits of up to $5 million can be spread out across multiple accounts that are each under the FDIC's $250,000 insurance limit.[19]
In 2024, the company began to offer a corporate credit card, and branded it Mercury IO.[20][21]