Fintech company Mercury closes $200 million funding round with participation from a16z and Sequoia Capital

Odaily Odaily reported that fintech company Mercury announced the completion of a new $200 million funding round, led by TCV with participation from Sequoia Capital, Andreessen Horowitz (a16z), and Coatue Management.

Mercury primarily provides banking services for startups, currently serving over 300,000 clients and achieving approximately $650 million in annualized revenue. The company stated that the recent surge in AI entrepreneurship has significantly driven demand for new company registrations and account openings, becoming a key growth driver.

Meanwhile, Mercury also announced that it has received conditional approval from the Office of the Comptroller of the Currency (OCC) to apply for a federal banking charter, aiming to expand capabilities in lending, access payment networks (such as Zelle), and reduce reliance on partner banks. The company's founder stated that the future goal remains an independent IPO rather than an acquisition. (CNBC)