Having only launched in April 2019, challenger bank Mercury has already raised a $20m Series A round to fuel its growth as it aims to support tech startups.
The round was led by CRV, the early-stage venture capital firm that also supported InsurTech Arceo.ai’s $37m funding round earlier this week. CRV’s general partner Saar Gur will join Mercury’s board as part of the deal.
The round was also supported by Andreessen Horowitz, Will Smith’s Dreamers Fund, Thirty Five Ventures, Serena Ventures and The Cultural Leadership Fund. The list of investors also included Y Combinator’s visiting partner Brad Flora, Uber’s head of money Allison Barr and Peggy Mangot, senior vice president of innovation at Wells Fargo.
“Raising this Series A will help us push deeper into the vision we have for what the first tech bank in the US should look like,” Immad Akhund, CEO and founder of Mercury, wrote in a Medium post. “When we started Mercury, a big part of what excited us was just how many features it seemed like a bank could have if it were created from the ground up as a tech product. It turns out there definitely are ample features to build, and even rounding out what we think of as baseline banking features has taken some hard work in the past few months since launch.”
Akhund is also a part-time partner at seed accelerator Y Combinator. He has previously founded the open ID startup Clickpass and the social media network for gamers Heyzap, which was acquired by RNTS Media in 2016.
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