Mercury, the fintech company focused on modern banking solutions for startups and businesses, announced a $200 million Series D funding round at a $5.2 billion valuation. The round was led by TCV and included participation from existing investors, including Andreessen Horowitz, Coatue, CRV, Sapphire Ventures, Sequoia Capital, and Spark Capital. The latest raise brings Mercury’s total primary and secondary funding to approximately $700 million.
The company said it is benefiting from a surge in AI-driven entrepreneurship, positioning itself as a banking platform built specifically for modern founders and businesses. Mercury now serves more than 300,000 customers, including one in three U.S. startups, while also expanding into ecommerce, professional services, and personal banking. Customers include companies such as Supabase, ElevenLabs, Lovable, Linear, Phantom, and Tempo.
Mercury reported reaching $650 million in annualized revenue in Q3 2025 and said it has delivered four consecutive years of profitability on both a GAAP net income and EBITDA basis. The company also saw a 2.5x increase in applications in Q1 2026 compared to the same period a year earlier.
Over the past year, Mercury expanded its AI and financial tooling offerings. The company launched Mercury Insights, an in-product AI tool that provides real-time financial analysis, and introduced developer-focused banking tools, including secure banking access via the Model Context Protocol and a command-line interface. Mercury also acquired Central to add AI-native payroll capabilities to its platform.
Later this year, the company plans to launch Mercury Command, an AI-powered financial assistant that lets customers complete banking and financial tasks using natural language prompts directly within their accounts.
The funding announcement follows Mercury receiving conditional approval from the Office of the Comptroller of the Currency to establish Mercury Bank, N.A., a milestone that could eventually enable the company to offer additional banking capabilities, including access to Zelle, expanded lending products, and deeper payment infrastructure.
KEY QUOTES:
“AI is collapsing the friction between an idea and a company faster than anything I have seen in my career. We are going to see more founders in the next five years than in the last twenty. But legacy banking in 2026 still works the way it did when I started my first company in 2006. I started Mercury because banking should do more than be a vault, it should help customers run the best business possible.”
“The bank of the future is intelligent by design and gets smarter the more you use it because everything is connected. No legacy bank was built like that.”
Immad Akhund, Co-Founder And CEO, Mercury
“Mercury and Immad are delivering on a powerful vision: a radically different, genuinely delightful banking experience for ambitious companies across the U.S. We believe the next generation of entrepreneurs will be AI-native and will need a banking partner that helps them run their finances and build at the pace AI itself is setting. We see Mercury as that partner.”
Neil Tolaney, General Partner, TCV
“At TCV, we’ve backed the leading challengers to legacy banking and the office of the CFO around the world, including Revolut, Nubank, Qonto, Pennylane, Allica Bank, and now Mercury. We’re proud to partner with Immad and the team building the bank that we believe will define the category for decades to come.”
Sudeep Jandyam, Principal, TCV