Mercury Raises $300M Series C at $3.5B Valuation for Business Banking

Mercury, a leading business banking platform serving startups and tech companies, closed a $300M Series C funding round at a $3.5B valuation. The round was led by Sequoia Capital, with participation from notable investors including Spark Capital, Marathon, Coatue Management, CRV, and Andreessen Horowitz (a16z). Mercury operates as a fintech that partners with licensed banks to offer business banking services including accounts, payments, and treasury management through a modern digital interface.

The substantial raise positions Mercury among the best-funded BaaS-adjacent platforms in the US market. The funding comes amid a broader fintech funding environment that saw $73.3B in total startup capital in March 2025, though deal volume declined. Mercury's platform exemplifies the embedded finance model where technology companies layer banking services on top of traditional bank infrastructure to serve business customers.