- Mercury, a digital bank built for startups, announced recently that it raised $20 million in funding from a group of powerful investors
Mercury, a digital bank for startups led by CEO Immad Akhund, recently announced it raised $20 million in funding. In conjunction with the funding round, Saar Gur from CRV will be joining the board. Andreessen Horowitz — the leader of the seed investor — was a major participant in this round.
The other investors who joined the round include, Will Smith’s Dreamers Fund, Kevin Durant’s Thirty Five Ventures, Serena Williams’ Serena Ventures, The Cultural Leadership Fund, Nick Jonas and Phil McIntyre (Co-CEO of The Jonas Group), Clocktower Ventures, Y Combinator Visiting Partner Brad Flora, Uber Head of Money Allison Barr, Blockstack co-founder Ryan Shea, Square Cash product lead Ayo Omojola, Thumbtack co-founder Jonathan Swanson, Wells Fargo SVP of Innovation Peggy Mangot, Eventbrite co-founders Julia Hartz and Kevin Hartz, Behance co-founder Scott Belsky, Presto founder and CEO and Lyft co-founder Rajat Suri, 500 Fintech, angel investor Andre Iguodala, Flexport CEO Ryan Petersen, Superhuman founder Rahul Vohra, angel investor Anjula Acharia, angel investor Larry Fitzgerald, Mixpanel co-founder Suhail Doshi, and Melo7 Tech Partners (founded by Carmelo Anthony and Stuart Goldfarb).
These investors will be joining existing supporters AngelList CEO Naval Ravikant, Atrium CEO Justin Kan, Gusto CEO Josh Reeves, angel investor Elad Gil, WePay CEO Bill Clerico, Zeno Ventures, and SVB founder Roger Smith. In total, Mercury now has over 100 supportive entrepreneurial investors that is supporting the company
“While we knew building the bank for startups would take some capital, we didn’t count on raising so quickly after our launch in April, and were able to do so largely because of the genuine enthusiasm and groundswell of support from the community,” wrote Akhund in a blog post. “Raising this Series A will help us push deeper into the vision we have for what the first tech bank in the US should look like. When we started Mercury, a big part of what excited us was just how many features it seemed like a bank could have if it were created from the ground up as a tech product. It turns out there definitely are ample features to build, and even rounding out what we think of as baseline banking features has taken some hard work in the past few months since launch.”
Some of the newest features that Mercury launched include integrations with Xero, Quickbooks, Plaid, and Finicity. And it added notifications on incoming and outgoing transactions. Plus it launched a security page to monitor and audit account activity,
Plus Mercury also launched the first version of its API. This is something that Mercury wanted to build since the idea of Mercury began. At Akhund’s previous company, they had to reconcile transactions and make dozens of payouts by hand to publishers at the end of every month. This would often take days of manual work and stress.
The API allows companies to access their Mercury account programmatically to automate tasks you would previously have to do by hand in your bank account. Mercury is also working on a number of features that changes how you think about your financial stack such as streamlining payments or maximizing the value of your treasury.
