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Mercury, a fintech company, has raised $120M in a Series B. The round drew participation from Coatue Management, Andreessen Horowitz, CRV, and Sapphire Ventures, among others. In a separate transaction, the company is also aiming to source $5M from equity crowdfunding platform WeFunder.

HOW’S THE COMPANY PERFORMING?

• California-based Mercury is an online banking platform that offers a suite of financial services such as FDIC-insured bank accounts, physical and virtual cards, and cash management for startups, e-commerce stores, and angel investors, among others.
• The company reportedly witnessed a 5x increase in its customers base since last year. Mercury currently caters to more than 40,000 SMBs, managing over $4B in customer deposits in 200 countries. Its clients include Lunchclub, Mighty, and Linear, among others.
• The company’s team grew from 35 in 2020 to a current headcount of 150 across 14 cities.

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The post This Andreesen Horowitz-Backed Company Raised $120M To Enhance Its Digital Bank appeared first on CB Insights Research.