Mercury reportedly plots new Sequoia-led funding round at over $3bn valuation
Mercury Technologies, a San Francisco-headquartered fintech specialising in banking services for start-ups, is reportedly in discussions for a new funding round led by Sequoia Capital, according to a report by Bloomberg, which cites sources familiar with the matter.
Mercury hopes to raise “hundreds of millions”
Bloomberg reports that its sources indicate that the funding round could amount to “hundreds of millions”, raised at a valuation of more than $3 billion. This would nearly double its $1.6 million valuation from its $120 million Series B round led by Coatue in 2021.
While the report does not specify how the potential new capital will be utilised, the round would build upon a $100 million credit warehouse secured with Natixis Corporate and Investment Banking (CIB) last October, which Mercury used to develop its IO credit card programme.
Founded in 2017, Mercury offers start-ups a range of financial tools, including expense management software, invoicing and bill payment solutions, a physical credit card, and online personal and business banking services.
Californian VC Sequoia has recently participated in a number of fintech funding rounds, including Ramp, nsave and Triver.
FinTech Futures has reached out to both Sequoia and Mercury for comment.
