US Fintech Mercury Expands Operations to Dublin with $300M Funding

Mercury, a US-based fintech company valued at $3.5 billion (€3 billion), is set to establish a new operation in Dublin following a successful funding round that raised $300 million earlier this year. The company, which provides online business banking services through partner banks in the United States, currently serves around 200,000 corporate customers, including tech start-ups, venture capital firms, and small businesses.

The firm has recently announced plans to expand into consumer banking, aiming to diversify its services. In 2022, Mercury processed transactions exceeding $150 billion, demonstrating its significant footprint in the fintech landscape. While the company declined to comment on specific details regarding the Dublin operation, the move is viewed as a strategic step to enhance its market presence in Europe.

Founded in 2017 by chief executive Immad Akhund, Mercury has made notable strides in the fintech sector. The recent funding round was spearheaded by Sequoia Capital, with other significant contributions from Spark Capital, Marathon, Coatue, CRV, and Andreessen Horowitz. This influx of capital has allowed the company to bolster its leadership team, including the appointment of Tim Mayopoulos, a former executive at Silicon Valley Bank (SVB).

Mayopoulos, who took the helm at SVB after its parent firm’s collapse in 2023, stated that “Mercury has stepped up to not only fill the gap left by SVB in banking for start-ups but to redefine banking for founders of all kinds of ambitious companies.” His experience in financial services, including leadership roles at Fannie Mae and Bank of America, positions him as a key figure in Mercury’s ongoing growth.

In addition to its corporate banking services, Mercury introduced its first corporate credit card in 2022. The company is also preparing to launch a personal banking service under the Mercury Personal brand, which is expected to debut later this year. This personal banking offering aims to attract customers with competitive features, including a 4% annual yield on savings for an annual subscription fee of $240. The service will include multiple current and savings accounts, additional users, and debit cards.

Akhund, who is also an angel investor, further demonstrated his commitment to fostering innovation by launching a $26 million fund to support early-stage start-ups. This initiative targets sectors valued at $10 billion or more, reinforcing Mercury’s dedication to driving growth and investment in the technology landscape.

As Mercury establishes its presence in Dublin, the fintech sector is poised for further transformation, with the company continuing to challenge traditional banking models and expand its service offerings.