The company, launched in April 2019, managed to sign 1,500 new customers in the first month and has maintained a growth rate of forty percent every month.
FREMONT, CA: San Francisco based startup Mercury raised USD 20 million in a Series A funding led by Charles River Ventures, with participation from Andreessen Horowitz and individual investors Eventbrite CEO Kevin Hartz, NBA players Andre Iguodala and Kevin Durant.
The company, launched in April 2019, managed to sign 1,500 new customers in the first month and has maintained a growth rate of forty percent every month. With this new funding, the company's total capital increases to USD 30 million.
Mercury is known for providing tailor-made banking services to startups. "We’ve created a really powerful, efficient banking experience. Now, we want to do things beyond what people think of banks as doing. "If our bank back then had an API, we would’ve saved days of manual work, stress, and frustration every month. We don’t want any startup to have to experience that ever again," said CEO Immad Akhund.
The company's policy makes it easy for any new American startup to associate with Mercury, except for those involved in adult entertainment, marijuana, and internet gambling. Mercury's easy to use nature made it a quick success among startups. Accounts can be managed using an online dashboard, which features cash flow analytics, automatic payments, instant runway estimates, and other tools. Besides, Mercury incorporates two-factor authentication and full activity auditing.
Mercury's unique API also lets companies access their accounts programmatically, and enables transaction reconciliation, custom money sweep rules, mass payment sending, and real-time transaction monitoring. Payments can be made using wire, check, or ACH and transaction details remain accessible from a downloadable log. There are no minimum deposit rules, and the company does not impose opening, overdraft, or transaction fees.
Mercury has already been successfully working with clients like Tandem, Remote, Linear, Adius, Golden, Data mode, Source, Rad Al, and Memfault. "After working with a number of companies in my investment portfolio over the past several years, it’s clear that a banking platform such as Mercury is paramount to startup growth," said Iguodala. "Mercury provides financial tools to maximize efficiency and allow for more visibility within the business. I’m excited to be a part of such a movement in hopes it will continue to bring more startups to the forefront," he added.