Customers can join the round on Wefunder, a crowdfunding platform, and then commit to a check size they are comfortable with, which could be as little as $100, the post stated. Once the Wefunder campaign closes, users can confirm their interest and invest with a click.
Mercury said in the post it intends to use the money to keep expanding its team and building new products to help scale. Mercury has over 40,000 businesses using the platform and holds over $4 billion in customer deposits.
The company also said in the post it has 150 employees in 14 cities.
The round was led by Coatue and included participation from Andreessen Horowitz, CRV and Sapphire Ventures. Also contributing were Figma CEO Dylan Field, Front CEO Mathilde Collins, Notion Chief Operating Officer Akshay Kothari, Lattice CEO Jack Altman, Homebrew Partners Hunter Walk and Satya Patel, and Hustle Fund Partner Elizabeth Yin.
Brex Co-Founder and Co-CEO Henrique Dubugras said there would be a move by the company to focus on its “all-in-one financial solution,” which will give small- to medium-sized businesses (SMBs) a lone dashboard to view all their credit card and cash accounts. There will also be access given to spend management and bill pay software.
“Growing and maintaining a business should not depend on how good a small business owner is at managing their finances,” said Brex Chief Technology Officer Cosmin Nicolaescu at the time.
Brex, which was formed in 2017 with a corporate card for startups, has grown into a single platform to aid SMBs and larger organizations with finance.