# Mercury

> Source: https://docs.barcoder.ai/docs/wallets/mercury
> research date 2026-05-30 · extracted at 2026-10-07
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Mercury — official](https://mercury.com/)

## Overview

**Mercury** is American fintech company providing banking services to start-up companies and small businesses + **~200,000 companies and individuals served** + **75 NPS (vs 34 industry average)** + **used by more than half of all Y Combinator cohorts** + **$5.2B valuation post-May 2026 $200M Series D** <sup>[1][1], [2][2], [United States report](https://docs.barcoder.ai/docs/payments/US)</sup>. **2025 baseline**: Mercury ~200,000 companies and individuals served (up from ~100,000 businesses in April 2024); **75 NPS (vs 34 industry average)** distinctive US business banking customer satisfaction excellence; **Used by more than half of all Y Combinator cohorts** distinctive US startup banking ecosystem dominance; **Mar 2025 $300M Series C at $3.5B valuation led by Sequoia Capital + May 2026 $200M Series D at $5.2B valuation** distinctive US business banking fintech valuation milestones.

**Distinctive Mercury positioning**:
- **American fintech company providing banking services to start-up companies and small businesses** (mercury.com; Mercury Technologies Inc.)
- **~200,000 companies and individuals served** distinctive US business banking fintech scale (doubled from April 2024 ~100,000 businesses)
- **75 NPS (vs 34 industry average)** distinctive US business banking customer satisfaction excellence
- **Used by more than half of all Y Combinator cohorts** distinctive US startup banking ecosystem dominance
- **$5.2B valuation post-May 2026 $200M Series D** distinctive US business banking fintech valuation
- **Mar 2025 $300M Series C at $3.5B valuation led by Sequoia Capital with participation from Spark Capital + Marathon + Coatue + CRV + Andreessen Horowitz** distinctive US business banking fintech investor base
- **<40% Mercury customer base startups + 2nd largest customer base ecommerce companies followed by accounting firms and VC funds (May 2024)** distinctive US business banking diversified customer base
- **Mercury makes consumer banking push 2025** distinctive US business banking fintech consumer banking expansion

## History

**2017 — Mercury founded by Immad Akhund + Max Tagher + Jason Zhang** as US business banking fintech.

**2019 — Mercury mobile app launches** as US business banking fintech.

**Apr 2024 — Mercury ~100,000 businesses served**.

**Mar 2025 — Mercury $300M Series C at $3.5B valuation led by Sequoia Capital with participation from Spark Capital + Marathon + Coatue + CRV + Andreessen Horowitz** distinctive US business banking fintech investor base.

**2025 — Mercury makes consumer banking push** distinctive US business banking fintech consumer banking expansion + Mercury ~200,000 companies and individuals served (doubled from April 2024 ~100,000 businesses) + 75 NPS (vs 34 industry average) + Used by more than half of all Y Combinator cohorts <sup>[1][1], [2][2]</sup>.

**May 2026 — Mercury $200M Series D at $5.2B valuation** <sup>[3][3]</sup>.

## Ownership & operator

**Operating entity**: **Mercury Technologies Inc.** (privately-held; $5.2B valuation post-May 2026 $200M Series D).

**Major shareholders**: **Immad Akhund (co-founder + CEO) + Max Tagher (co-founder) + Jason Zhang (co-founder) + Sequoia Capital + Spark Capital + Marathon + Coatue + CRV + Andreessen Horowitz + venture capital investors**.

**Regulators**: **FDIC + OCC (via partner banks Choice Financial Group + Evolve Bank & Trust + Column N.A.)**.

## Technical integration

Mercury mobile app (iOS) + mercury.com online + Mercury Visa debit card + Mercury IO Card + Mercury Credit Card; ACH + RTP + Fedwire + SWIFT; **US fintech using partner-issued banking model via Choice Financial Group + Evolve Bank & Trust + Column N.A.** distinctive US business banking fintech BaaS model + **Mercury makes consumer banking push 2025** distinctive US business banking fintech consumer banking expansion.

## Users & growth

**2025**: Mercury ~200,000 companies and individuals served (doubled from April 2024 ~100,000 businesses) + 75 NPS (vs 34 industry average) + Used by more than half of all Y Combinator cohorts.

## Use cases

US retail + private + business + startup + small business + ecommerce + accounting firms + VC funds + consumer banking (post-2025 consumer banking push) via Mercury mobile + mercury.com online + Visa debit card + Mercury IO Card + Mercury Credit Card; ACH + RTP + Fedwire + SWIFT; **US fintech using partner-issued banking model via Choice Financial Group + Evolve Bank & Trust + Column N.A.** distinctive US business banking fintech BaaS model.

## Implementations & partners

**Operator**: Mercury Technologies Inc. (privately-held; $5.2B valuation post-May 2026 $200M Series D); Immad Akhund (co-founder + CEO) + Max Tagher (co-founder) + Jason Zhang (co-founder) + Sequoia Capital + Spark Capital + Marathon + Coatue + CRV + Andreessen Horowitz + venture capital investors.

**Partner banks**: **Choice Financial Group + Evolve Bank & Trust + Column N.A.** distinctive US business banking fintech BaaS model.

**Major US business banking + startup banking + spend management competitors**: [Brex](https://docs.barcoder.ai/docs/wallets/brex) (US business banking + corporate card startup; ~25,000 businesses; $700M annualized revenue + Capital One $5.15B acquisition; peak $12.3B valuation 2022) + [Ramp](https://docs.barcoder.ai/docs/wallets/ramp) (US business spend management startup; ~50,000+ customers + 2,200+ enterprise customers; $1B+ annualized revenue + $32B valuation Nov 2025 + talks for $750M raise at $40B+ valuation May 2026) + [Novo](https://docs.barcoder.ai/docs/wallets/novo) (US business banking fintech for SMBs) + [Bluevine](https://docs.barcoder.ai/docs/wallets/bluevine) (US business banking fintech for SMBs) + Lili (US business banking fintech for freelancers + small business) + Grasshopper Bank (US business banking + nationally chartered banking for startups) + Silicon Valley Bank (US SVB; First Citizens BancShares post-Mar 2023 collapse acquisition).

**Regulators**: FDIC + OCC (via partner banks).

## Fun facts

- **American fintech company providing banking services to start-up companies and small businesses** (mercury.com; Mercury Technologies Inc.).
- **~200,000 companies and individuals served** distinctive US business banking fintech scale (doubled from April 2024 ~100,000 businesses).
- **75 NPS (vs 34 industry average)** distinctive US business banking customer satisfaction excellence.
- **Used by more than half of all Y Combinator cohorts** distinctive US startup banking ecosystem dominance.
- **$5.2B valuation post-May 2026 $200M Series D** distinctive US business banking fintech valuation.
- **Mar 2025 $300M Series C at $3.5B valuation led by Sequoia Capital with participation from Spark Capital + Marathon + Coatue + CRV + Andreessen Horowitz** distinctive US business banking fintech investor base.
- **<40% Mercury customer base startups + 2nd largest customer base ecommerce companies followed by accounting firms and VC funds (May 2024)** distinctive US business banking diversified customer base.
- **Mercury makes consumer banking push 2025** distinctive US business banking fintech consumer banking expansion.

## Comparison

| Feature | Mercury | [Brex](https://docs.barcoder.ai/docs/wallets/brex) (US business banking + corporate card startup rival; ~25,000 businesses) | [Ramp](https://docs.barcoder.ai/docs/wallets/ramp) (US business spend management startup rival; ~50,000+ customers) | [Novo](https://docs.barcoder.ai/docs/wallets/novo) (US business banking fintech for SMBs rival) | [Bluevine](https://docs.barcoder.ai/docs/wallets/bluevine) (US business banking fintech for SMBs rival) |
|---|---|---|---|---|---|
| Operator | **Mercury Technologies Inc. (privately-held; $5.2B valuation post-May 2026 $200M Series D)** | Brex Inc. (privately-held; pre-Capital One $5.15B acquisition; peak $12.3B valuation 2022) | Ramp (privately-held; $32B valuation Nov 2025) | Novo Platform Inc. (privately-held) | BlueVine Capital Inc. (privately-held; Coatue + Lightspeed + 83North investors) |
| Type | **~200,000 companies and individuals served + 75 NPS (vs 34 industry average) + Used by more than half of all Y Combinator cohorts + $5.2B valuation post-May 2026 $200M Series D + Mercury makes consumer banking push 2025** | ~25,000 businesses + $700M annualized revenue + Q1 2025 enterprise revenue grew 70% + enterprise net revenue retention exceeded 130% + operating-cash-flow positive Oct 2025 + Capital One $5.15B acquisition (58% contraction from 2021 peak $12.3B valuation) | ~50,000+ customers + 2,200+ enterprise customers (+133% YoY) + $1B+ annualized revenue + $100B+ annual purchase volume + $32B valuation Nov 2025 + talks for $750M raise at $40B+ valuation May 2026 | US business banking fintech for SMBs | US business banking fintech for SMBs + Coatue + Lightspeed + 83North investors |
| Country | US | US | US | US | US |
| Distinctive | **2017 Mercury founding by Immad Akhund + Max Tagher + Jason Zhang; 2019 Mercury mobile app launch; Apr 2024 ~100,000 businesses; Mar 2025 $300M Series C at $3.5B valuation led by Sequoia Capital; 2025 ~200,000 companies and individuals served + 75 NPS + Used by more than half of all Y Combinator cohorts; May 2026 $200M Series D at $5.2B valuation** | 2017 Brex founding by Henrique Dubugras + Pedro Franceschi; 2021 peak $12.3B valuation; Capital One $5.15B acquisition announced | 2019 Ramp founding by Eric Glyman + Karim Atiyeh + Gene Lee; $32B valuation Nov 2025 led by Lightspeed Venture Partners; talks for $750M raise at $40B+ valuation May 2026 | 2016 Novo founding | 2013 BlueVine founding |

## Status

**Active, ~200,000 companies and individuals served + 75 NPS (vs 34 industry average) + Used by more than half of all Y Combinator cohorts + $5.2B valuation post-May 2026 $200M Series D** <sup>[1][1], [2][2], [3][3]</sup>:
- **Mercury Technologies Inc. (privately-held; $5.2B valuation post-May 2026 $200M Series D)** since 2017 Mercury founding by Immad Akhund + Max Tagher + Jason Zhang + 2019 Mercury mobile app launch + Mar 2025 $300M Series C at $3.5B valuation led by Sequoia Capital + May 2026 $200M Series D at $5.2B valuation.
- **Mercury ~200,000 companies and individuals served**.
- **Mercury makes consumer banking push 2025**.
- **FDIC + OCC regulated (via partner banks Choice Financial Group + Evolve Bank & Trust + Column N.A.)**.

## Sources

[1]: https://www.americanbanker.com/news/business-focused-fintech-mercury-makes-consumer-banking-push "Business-focused fintech Mercury makes consumer banking push — American Banker"
[2]: https://en.wikipedia.org/wiki/Mercury_Technologies "Mercury Technologies — Wikipedia"
[3]: https://research.contrary.com/company/mercury "Report: Mercury Business Breakdown & Founding Story — Contrary Research"
[us-cro]: https://docs.barcoder.ai/docs/payments/US

- [1] [Business-focused fintech Mercury makes consumer banking push — American Banker][1]
- [2] [Mercury Technologies — Wikipedia][2]
- [3] [Report: Mercury Business Breakdown & Founding Story — Contrary Research][3]
- <sup>[United States report](https://docs.barcoder.ai/docs/payments/US)</sup> In-corpus: `reports/countries/US-united-states.md`

## Source

Biography extracted from [mercury.md](https://docs.barcoder.ai/source/wallets/mercury). See `matrix.md` for standards-support matrix if present.