![]() ![]() “Nothing had really changed,” he said, “and I thought a bank could do a better job. His previous startup, mobile ad network Heyzap, regularly “was constrained by cashflow” that inhibited growth and operations and needed to do run of the paying out processes of the business (which included a programmatic ad network) manually.Īfter he and his co-founders sold Heyzap in 2016, Akhund used some of the proceeds to become an investor in early-stage startups (120 in all), he saw the same challenge continue to persist. Immad Akhund, the CEO and co-founder of Mercury, is aware of what the shortcomings are today in the market from a couple of perspectives. (No plans from Stripe to build something like this at the moment, co-founder John Collison told me earlier this month when I asked about it.) That’s before you consider the wave of other fintech juggernauts out there, like Stripe, that are slowly building a suite of services that could be a natural complement (and, thus, potential precursors) to basic banking, too. Aside from traditional institutions that all offer special accounts for small businesses (which essentially is what a startup is), there is Silicon Valley Bank), and other challengers like Revolut and N26 that started first with consumers but are now increasingly also targeting smaller SMBs. To be sure, there are already a number of options on the market for a startup looking for a bank. In the first week of its launch it had 1,500 signups, and it has been growing at 40% each month since. This latest funding comes on the heels of Mercury having launched only in April 2019, and is a result of what appears to be very strong demand for what it has to offer. Its bigger list of backers now totals over 100 and also includes the founder of Silicon Valley Bank Roger Smith, Bill Clerico of WePay, and Naval Ravikant, among many others. 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. ![]() The company, I understand, has a post-money valuation now of $100 million.Īnd 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. Mercury bank series#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. 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. All rights reserved.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. ![]() Investment products offered by Investment Banking Affiliates: are registered as futures commission merchants with the CFTC and are members of the NFA. Mercury bank professional#and Merrill Lynch Professional Clearing Corp. and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. "Bank of America" and "BofA Securities" are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |