Mercury banks $20M for its banking service aimed at startups
Online-only banks have become a viable option for many people who would have traditionally used a brick-and-mortar bank but are now looking for more flexible, potentially cheaper ways to handle their monthly incoming and outgoing finances, their savings and loans, and their payment cards. That maxim has also extended to the world of business, and today a startup that has built a business-focused challenger bank, specifically for startups like itself, is announcing a round of funding as starts its growth in earnest.
Mercury, which describes itself as a bank for startups, has banked $20 million of its own in funding, a Series A that is being led by CRV with support also from Andreessen Horowitz, the VC that led its investor-heavy $6 million seed round earlier this year. The company, I understand, has a post-money valuation now of $100 million.
And by investor-heavy, I mean that on two counts: it featured a lot of heavyweights, and there were nearly 40 individuals and firms chipping in. Others in this latest round include Kevin Hartz, CEO of Eventbrite; Scott Belsky, co-founder of Behance; Ryan Petersen, CEO of Flexport; Kevin Durant of the Brooklyn Nets; and Andre Iguodala of the Memphis Grizzlies. Its bigger
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