US FinTech Mercury raises $120m

Mercury, a FinTech that provides software and banking services for SMEs and start-ups, has raised $120 million.

The Series B funding round gives the San Francisco based company a valuation of $1.62 billion.

The round was led by technology focused investment manager Coatue, with participation from Andreessen Horowitz, CRV, and Sapphire Ventures.

The company, founded in 2019, claims to work with 40,000 businesses, hold $4 billion in customer deposits, and have 150 employees in 14 cities.

Mercury said it will use the new funding to expand its team and continue building products that help small businesses scale.

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