Mercury experiences rapid customer influx following SVB’s collapse

  • Following Silicon Valley Bank’s collapse in March, startup Mercury saw an increase of 26K customers within four months.
  • Mercury responded to the surged demand by increasing its FDIC insurance and releasing a product called Vault for US government treasury bill investments.
  • Mercury’s annualized revenue run rate grew fourfold YoY from May 2022 to May 2023, and the startup processed more than $42 billion in transactions in the first half of 2023.
Join 2 million subscribers

A curated newsletter that summarizes the important news at the intersection of Global tech, India Tech and AI.

Delivered 8 AM. Daily.
nextbigwhat We would like to show you notifications for the latest news and updates.
Allow Notifications