Mercury, a San Francisco-based digital banking outfit targeting startups, has raised $120 million at a $1.62 billion valuation in a Series B funding round.
Coatue led the round, with participation from Andreessen Horowitz, CRV, Sapphire Venture and a host of angels.
In addition, the fintech has set aside a $5 million allotment for retail investors to join in for as little as $100 a pop on Wefunder, where more than $4 million has already been raised.
Mercury launched in 2019 by serial founder Immad Akhund, promising full-stack bank accounts that help startups scale with features such as cashflow analytics, programmatic payments and instant runway estimates.
The firm already claims more than 40,000 SMB clients, making its money on interchange fees and on the $4 billion-plus it holds in customer deposits.
With the new funding in place, Mercury plans to add to its 150-strong headcount and build more products as it aims to "turn banking into something like magic".