Mercury Technologies
| Company type | Private |
|---|---|
| Industry | Financial technology |
| Founded | 2017 |
| Founder | Immad Akhund, Max Tagher, Jason Zhang |
| Headquarters | United States |
| Products | Banking solutions for startups and small enterprises, corporate credit card (Mercury IO), venture debt products, financial management software |
Mercury Technologies Inc., commonly referred to as Mercury, is a fintech company headquartered in the United States that specializes in delivering banking solutions designed specifically for start-ups and small enterprises. Although Mercury itself is not a bank, it collaborates with established banking institutions to provide account services and financial products.
History
Established in 2017 by Immad Akhund, Max Tagher, and Jason Zhang, Mercury began offering business banking accounts in 2019. In March 2022, the company expanded its portfolio by introducing venture debt products, and later in September of the same year, it launched a corporate charge card.
Following the collapse of Silicon Valley Bank in March 2023, Mercury saw a notable increase in both its customer base and deposit volumes.
In 2024, Mercury extended its offerings to include personal banking services for individual consumers starting in April. This was followed by the release of financial management software in May, which supports bill payments, invoicing, and employee expense reimbursements.
In June 2024, Mercury’s partner bank Evolve Bank & Trust experienced a significant data breach impacting Mercury’s account holders. As a result, Mercury brought on board Column bank—founded by Plaid co-founder William Hockey—as an additional banking partner in October.
By March 2025, Mercury declared its intention to terminate its partnership with Evolve Bank & Trust, planning to transition its customers to Column N.A. and Choice Financial Group before the end of the year.
That same month, Mercury raised $300 million in a Series C funding round led by Sequoia Capital, effectively doubling its valuation to $3.5 billion since its Series B round in 2021. The company reported revenues of $500 million for 2024 and managed payment volumes totaling $156 billion. Moreover, Timothy Mayopoulos, who previously served as interim head of the FDIC during the Silicon Valley Bank crisis, joined Mercury’s board of directors.
Business
Mercury primarily serves start-ups by providing tailored banking services.
As a non-chartered entity without lending capabilities against deposits, Mercury relies on partnerships with regional banks to hold client funds. Its principal partners include Choice Bank based in North Dakota—which operates a network of regional banks—and California-based Column. This banking network facilitates access to a sweep account system encompassing institutions such as Goldman Sachs and Capital One. Through this structure, customer deposits up to $5 million are allocated across multiple accounts, each safeguarded by the FDIC insurance coverage limit of $250,000.
The company offers a corporate credit card product known as Mercury IO and has arranged a $100 million credit warehouse facility to support this segment of its business.
In addition, Mercury runs Mercury Raise, a platform designed to connect its clients with potential investors.