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Mercury raises $20m to build bank services for startups

Mercury raises $20m to build bank services for startups

Mercury, a San Francisco-based digital banking outfit targeting startups, has raised $20 million in a Series A funding round led by Charles River Ventures.

Existing investor Andreessen Horowitz joined the round alongside a host others, including Will Smith’s Dreamers Fund and Kevin Durant’s Thirty Five Ventures.

Mercury launched in April, promising full-stack bank accounts that help startups scale with features such as cashflow analytics, programmatic payments and instant runway estimates.

The firm has added integrations with Xero, Quickbooks, Plaid, and Finicity and has just taken its API live, letting users access their accounts programmatically to automate tasks.

The new funding will be used to continue bulking out the product as Mercury seeks to build up a customer base that hit 1500 in its first week, with a 40% monthly growth rate since.

Comments: (1)

Andrew Smith
Andrew Smith - ClearBank - London 30 September, 2019, 10:39Be the first to give this comment the thumbs up 0 likes

It's interesting to see the events that are unfolding in the USA right now. I do feel there are parallels with the UK, and for sure, interest and demand for these types of solutions. Equally demand for a Clear.Bank Banking-as-a-Service delivery into that market place too.... :)

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