Mercury Financial LLC, a financial technology firm recognized as the preferred bank for tech startups, announced today that it has secured $300 million in new funding at a valuation of $3.5 billion, with plans to explore acquisitions.

Mercury, established in 2017, customizes its offerings for startups and companies with a focus on technology. To provide business checking and savings accounts, debit cards, and international wire transfers, the company collaborates with banks that are insured by the Federal Deposit Insurance Corporation.

Mercury goes beyond conventional banking by incorporating financial tools like cash flow analytics and dashboards, assisting businesses in managing their finances. Additionally, the company’s platform provides an application programming interface (API) that enables businesses to tailor their banking processes and automate payment transactions.

Since 2022, Mercury has been providing venture debt financing, which offers startups supplementary funding options for their growth, even though this is not its primary focus.

Moreover, in September 2022, Mercury launched the IO World Elite Mastercard, a corporate credit card tailored for the spending requirements of startups and tech-oriented companies. Recently, the company has directed its efforts toward improving its financial tools to make business operations more efficient. A release in February included updates such as enhanced invoicing and employee receipt management features, which further simplified users’ financial workflows.

It is often anticipated that a startup seeking venture capital will have relatively modest figures, but this does not apply to Mercury: In 2023, it processed transactions amounting to $95 billion, and in 2024, the figure was $156 billion. Today, Mercury offers banking services and financial aid to 200,000 “ambitious companies” from various sectors, including ElevenLabs Ltd., Cocolab Inc., and Bogey Bros LLC.

Sequoia Capital Management LP spearheaded Mercury’s Series C round, with participation from Spark Capital, Marathon Asset Management LP, Coatue Management, Charles River Ventures, and Andreessen Horowitz Management.

“We’re looking forward to leveraging this opportunity to further accelerate our goals of driving innovation with new products, exploring acquisitions and hiring and retaining exceptional talent, all while maintaining long-term financial flexibility,” Mercury co-founder Immad Akhund said in a blog post.