Mercury, a digital banking company aimed at startups, has raised $120m in Series B funding round, taking its valuation to $1.62bn.

The round was led by Coatue, with participation from Andreessen Horowitz, CRV, and Sapphire Ventures.

Other investors included Dylan Field, CEO at Figma, Mathilde Collins, CEO at Front, Akshay Kothari, COO at Notion, Jack Altman, CEO at Lattice, Hunter Walk and Satya Patel, partners at Homebrew, and Elizabeth Yin, partner at Hustle Fund too joined the round.

The San Francisco-based fintech has also set aside a $5m allotment in its Series B for retail investors, who can invest as little as $100 via crowdfunding platform Wefunder.

Mercury plans to use this new funding to expand its team and develop new products.

Launched in 2019, the company’s offerings include FDIC-insured checking and savings accounts, physical & virtual debit cards, domestic & international wires, and API access among others.

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It claims to serve over 40,000 clients and currently holds more than $4b in customer deposits.

The firm offers its services to a wide range of industries such as startups, e-commerce, biotech, investment firms, and creators.

Established by serial founder Immad Akhund, Mercury’s accounts have no opening fees, account fees, transaction fees, or minimums. It makes revenue through interchange fees and deposits of customers.

In September 2019, Mercury raised $20m in series A funding led by venture capital firm Charles River Ventures.