startup banking

Fintech firm Mercury has secured $200 million in Series D funding, valuing the company at $5.2 billion, a 49% increase in 14 months. Led by TCV and supported by existing investors like Sequoia Capital, Mercury serves over 300,000 startups. The company has achieved profitability for four years, with annualized revenue reaching $650 million. Mercury is also pursuing a federal banking charter to enhance its offerings and financial operations, aiming for public trading rather than acquisition.

Following Silicon Valley Bank’s collapse, JPMorgan Chase saw a surge of new clients and an opportunity to dominate the startup banking sector. The bank is investing heavily in technology and talent, including former SVB executives, to build a robust offering for founders and venture capitalists. JPMorgan aims to be the end-to-end financial partner for startups, supporting them from seed funding to IPO and beyond.