The company says it will use the funding to expand its team and continue developing products that help customers scale their businesses. Mercury currently has over 150 employees in 14 cities, 35 more than at this time last year.
Mercury also set aside $5 million of the fundraise aside for unaccredited investors, with regulators raising that amount up from $1 million in March, according to Fortune. The company will no doubt fill that community portion quickly (available at Wefunder), considering the Series B pushed Mercury over a $1 billion valuation and into unicorn status.
Andreesen Horowitz (a16z), CRV and Sapphire Ventures also invested in the funding round, with participation from individual investors Dylan Field (CEO at Figma), Mathilde Collins (CEO at Front), Akshay Kothari (COO at Notion), Jack Altman (CEO at Lattice), Hunter Walk and Satya Patel (Partners at Homebrew), and Elizabeth Yin (Partner at Hustle Fund).
Mercury’s enables small businesses and startups to include a range of financial services into their businesses, including FDIC-insured accounts, physical and virtual cards, wires, ACH, checks, cash management and API integrations.
The company currently works with customers in over 200 countries, has over 40,000 businesses using its service and generates revenue through the over $4 billion it holds in customer deposits. It also gets a cut of interchange fees when its debit cards are used and a return on Treasury deposits.
Mercury has a standard, free option which offers bank accounts, domestic and international wires and no minimum balances, as well as a “Tea Room” pricing option for businesses depositing over $250,000 that offers closed beta features, a treasury option, access to inside events and free tea (literally).
In other recent fintech news, API-based financial infrastructure provider Prime Trust raised a $64 million Series A. PayPal also released its 2Q earnings during a call this week, and announced plans for its new super app.