An earlier investment in Mercury was made by the Alternative Investments team at a lower valuation, around USD1.5bn, as part of its international tech strategy focused on high-growth opportunities. The latest funding round brings a 2.3x multiple on invested capital, reflecting the strong ability to access and identify strong international opportunities at growth stages.
Founded in 2017, Mercury has rapidly positioned itself as a key financial services provider for startups, offering a suite of banking and fintech products, including corporate credit cards, payroll systems, financial reporting, and cash flow forecasting. With over 200,000 customers, processing more than USD95bn in transaction volume, USD500mn in annual revenue in 2024, and ten consecutive quarters of profitability, Mercury continues to expand its footprint and service offerings across the startup ecosystem.
In 2024, Mercury expanded into the consumer space with the launch of “Mercury Personals” designed and engineered for entrepreneurs and investors who want a self-serve banking option and a high-quality product experience to optimize their personal finances. The new funding will enable Mercury to accelerate product development, pursue strategic acquisitions, and maintain long-term financial flexibility.
Dalal Al Shaye, CFA, Director - Alternative Investments, said “Our investment in Mercury reflects Kamco Invest’s ability to identify and access global opportunities at the growth stage, alongside some of the world’s most respected venture capital firms. We are proud to support innovative companies like Mercury that are transforming industries, and we remain committed to delivering long-term value to our clients through our global investment strategies.”
Following the collapse of Silicon Valley Bank (SVB) in March 2023, Mercury quickly emerged as a leading alternative for startups seeking stability and innovation in financial services. Within days of the crisis, Mercury attracted over 8,700 new customers and USD2bn in deposits in just five days. This swift response not only filled a critical gap left by SVB but also solidified Mercury’s position as a trusted financial partner for early-stage startups. Since then, Mercury’s market share has grown significantly, bolstered by its agility, commitment to innovation, and deep understanding of the startup ecosystem.
Al Shaye concluded, “This achievement reinforces Kamco Invest’s capability to deliver value through global partnerships and its commitment to uncovering transformative opportunities in innovation-led sectors.”
It is worth noting that Kamco Invest was recently named Kuwait’s Best for Alternative Investments in 2025 by Euromoney, recognizing the company’s strong performance and diverse solutions in the alternative investment space which covers private equity, real estate and structured products.