Mercury has raised $200 million in a Series D funding round, pushing the company’s valuation to $5.2 billion. Investment firm TCV led the round, while existing backers, including Andreessen Horowitz, Coatue, CRV, Sapphire Ventures, Sequoia Capital, and Spark Capital, also participated. With this latest raise, Mercury’s total primary and secondary funding now stands near $700 million.
The company, which offers banking services designed for modern businesses, says demand from startups and growing firms continues to rise quickly. Mercury now serves more than 300,000 customers, including one in three U.S. startups. The company has also seen strong growth among AI-focused firms. Customers include companies such as Supabase, ElevenLabs, Lovable, Linear, Phantom, and Tempo.
Mercury originally focused on technology startups. However, its customer base now stretches across several industries. E-commerce brands like Bogey Bros and Cocolab use the platform alongside professional services firms such as Ways & Means and neuemotion. The company also said podcaster Dwarkesh Patel uses Mercury for both personal and business finances. According to Mercury, more than 73% of its new customers now come from outside the tech and AI startup sector.
The company reported $650 million in annualized revenue during Q3 2025. Growth has continued since then. Mercury said applications increased 2.5 times in Q1 2026 compared to the same period last year. At the same time, the United States Census Bureau reported an 18% rise in new U.S. business applications during Q1 2026.
Mercury says profitability has remained strong throughout its expansion. The company has now delivered four straight years of profitability on both a GAAP net income and EBITDA basis.
Over the past year, Mercury has introduced several new products aimed at simplifying financial work for businesses. The company launched Mercury Insights, an in-app tool that gives users a live view of their company finances without relying on spreadsheets. It also introduced new developer tools, including support for Model Context Protocol, known as MCP, and a command-line interface that allows users to complete banking tasks directly from a terminal.
Mercury also expanded into payroll services after acquiring Central. In addition, the company expanded access to Mercury Personal, allowing more eligible U.S. users to manage their personal finances on the platform.
Later this year, Mercury plans to launch Mercury Command, a new feature designed to handle financial tasks through simple text requests. Users will be able to check cash positions, adjust transfer rules, categorize transactions, and send invoices without switching between different tools or tabs. Mercury said all actions will still require customer approval before completion.
Mercury co-founder and CEO Immad Akhund said traditional banking systems have changed very little over the past two decades. He added that Mercury wants banking to become more useful to businesses rather than simply storing money.
TCV executives also backed Mercury’s long-term vision. Neil Tolaney said modern entrepreneurs need financial tools that move as quickly as today’s businesses. Meanwhile, Sudeep Jandyam pointed to TCV’s investments in companies like Revolut, Nubank, Qonto, Pennylane, and Allica Bank as part of its focus on modern financial platforms.
The funding news arrives shortly after Mercury received conditional approval from the Office of the Comptroller of the Currency to establish Mercury Bank, N.A. The approval marks a major step toward becoming a fully regulated national bank.
Once fully approved, Mercury Bank, N.A. plans to offer additional services, including access to Zelle, broader lending products, and payment infrastructure managed directly by Mercury.
