California-based digital bank Mercury has announced it has raised $20 million in Series A funding that will be used to build a bank for startups.
“While we knew building the bank for startups would take some capital, we didn’t count on raising so quickly after our launch in April, and were able to do so largely because of the genuine enthusiasm and groundswell of support from the community,” CEO Immad Akhund wrote in a blog post.
The round was led by CRV, and Saar Gur from CRV will be joining the Mercury board. Andreessen Horowitz, which led the company’s seed round, was also a major participant, as well as Will Smith’s Dreamers Fund, Kevin Durant’s Thirty Five Ventures, Serena Ventures, The Cultural Leadership Fund, Nick Jonas & Phil McIntyre, Clocktower Ventures, Brad Flora (Y Combinator Visiting Partner), Allison Barr (head of Money for Uber), Ryan Shea (co-founder of Blockstack), Ayo Omojola (product lead of Square Cash), Jonathan Swanson (co-founder of Thumbtack), Peggy Mangot (SVP of Innovation for Wells Fargo), Julia and Kevin Hartz (co-founders of Eventbrite), Scott Belsky (co-founder of Behance), Rajat Suri (co-founder of Presto and Lyft), 500 Fintech, Andre Iguodala (angel investor), Ryan Petersen (CEO of Flexport), Rahul Vohra (founder of Superhuman), Anjula Acharia (angel investor), Larry Fitzgerald (angel investor), Suhail Doshi (co-founder of Mixpanel) and Melo7 Tech Partners.
These participants are joining existing investors, including Naval Ravikant (CEO of AngelList), Justin Kan (CEO of Atrium), Josh Reeves (CEO of Gusto), Elad Gil (angel investor), Bill Clerico (CEO of WePay), Zeno Ventures, and Roger Smith (founder of SVB).
“Raising this Series A will help us push deeper into the vision we have for what the first tech bank in the U.S. should look like,” wrote Akhund, who added that some of the bank’s recent features include integrations with Xero, Quickbooks, Plaid and Finicity; notifications on incoming and outgoing transactions; and a security page to monitor and audit account activity.
In addition, Mercury took the first version of its API live on Thursday (Sept. 26), which is “just a small step towards building a bank that helps startups succeed. We’re working on features that will change how you think of your financial stack, like streamlining payments or maximizing the value of your treasury.”
Mercy launched in April of this year.