Story of Mercury: Digital Banking Platform for Startups, Offering Secure, Integrated Financial Management
Story of Mercury:
Mercury was founded in 2017 by Immad Akhund (CEO), Max
Tagher (CTO), and Jason Zhang (COO) to provide modern banking solutions
tailored for startups. The founders aimed to combine secure financial services
with tools that simplify operations for growing businesses.
The Founders’ Background
Before Mercury, Akhund founded mobile ad network Heyzap,
while Tagher and Zhang held key positions there. Their experience with Heyzap
exposed them to the challenges startups face in managing cash flow and banking,
inspiring them to rethink the banking experience.
Identifying the Opportunity
Akhund noticed that while tools like Stripe and Gusto had
modernized parts of startup operations, banking remained outdated. Frustrated
by lengthy applications, hidden fees, and slow processes, he saw a chance to
create a technology-first banking platform for startups.
Early Research and Partnerships
To understand the market, Akhund met with over 60 banks and
100 founders. Mercury partnered with Evolve Bank & Trust, Choice Financial
Group, and Patriot Bank to provide the regulatory and financial infrastructure
needed for its platform.
Seed Funding and Product Development
Mercury raised $5 million in seed funding in 2017 and kept a
small team of nine. Over 18 months, the founders focused on building a “minimum
delightful product” that included domestic and international wires, multi-user
permissions, a clean UI, and support for immigrant founders.
Launch and Early Growth
The private alpha launched in April 2019, with one customer
transferring $1 million in the first week. Mercury’s public launch quickly
followed, growing 30-40% month-over-month as startups embraced the modern,
digital-first approach.
Core Product Offering
Mercury’s flagship product is a fully digital, FDIC-insured
business checking and savings account. The platform provides a user-friendly
interface and automation-friendly infrastructure, serving as the gateway to
treasury management, financing, and financial operations tools.
Story of Mercury: Digital Banking Platform for Startups, Offering Secure, Integrated Financial Management#startup#net worth#investor#Mercury story
Expanding Services
Beyond banking, Mercury has added credit cards, invoicing,
bill pay, expense management, and personal banking services. It partners with
Stripe Atlas to allow startups to open bank accounts even before receiving an
Employer Identification Number (EIN).
Global Reach and Compliance
As of April 2025, Mercury serves businesses in the U.S.,
British Overseas Territories, UAE, Bahamas, Bermuda, Singapore, and Jersey.
While not a bank itself, it works with regulated partners for compliance,
financial stability, and fast product development.
API and Automation
Every Mercury account offers read-and-write API access,
enabling customers to automate key banking and accounting tasks. This includes
creating dashboards, reconciling transactions, initiating ACH payments, and
building custom financial workflows.
Performance and Scale
Mercury reports ten consecutive quarters of profitability,
$500 million in revenue for 2024, and $156 billion in transaction volume—a 64%
increase from the previous year. Today, it serves over 200,000 businesses, from
early-stage startups to established tech companies like Linear and Phantom.
Future Plans
With recent Series B funding of $167 million led by
Andreessen Horowitz, Mercury plans to expand its product suite, explore
acquisitions, grow its team, and continue building a comprehensive financial
operating system for startups worldwide.
Timeline of Mercury
- 2013
– Immad Akhund identifies the opportunity to modernize startup banking.
- 2015
– Heyzap, the founders’ previous company, is acquired by Fyber for $45
million.
- 2017
– Mercury is founded by Akhund, Tagher, and Zhang; $5 million seed round
raised.
- 2017–2019
– Team develops “minimum delightful product,” integrating banking features
and multi-user support.
- April
2019 – Private alpha launched; first $1 million transfer occurs in the
first week.
- 2019
– Public launch; growth of 30-40% month-over-month begins.
- 2020–2022
– Mercury expands banking features, adds treasury management, credit
cards, invoicing, and expense tools.
- 2023
– Partners with Stripe Atlas; gains prominence after Silicon Valley Bank
collapse.
- 2024
– Reports $500M revenue, $156B transaction volume, and ten quarters of
profitability; over 200,000 businesses onboarded.
- April
2025 – Mercury available in multiple international markets, continuing
to expand product offerings and team.
