Business banking fintech Mercury has secured $200 million in a Series D funding round led by TCV, with participation from investors including Andreessen Horowitz, Coatue, CRV, Sapphire Ventures, Sequoia Capital, and Spark Capital.
The new round values Mercury at $5.2 billion, marking a significant increase from the company’s previous $3.5 billion valuation achieved during its Series C raise in 2025.
With the latest investment, Mercury has now raised roughly $700 million in combined primary and secondary funding as it continues its push toward becoming a fully chartered national bank in the United States.
The company says several growth milestones contributed to the valuation jump, including reaching $650 million in annualised revenue during Q3 2025, achieving four consecutive years of GAAP and EBITDA profitability, and recording a major increase in onboarding applications during early 2026.
One of the company’s most notable developments came in April when Mercury received conditional approval for a US national bank charter from the Office of the Comptroller of the Currency (OCC), just months after submitting its application.
Mercury plans to use the fresh capital to support its transition into a regulated banking institution while continuing to expand its financial product ecosystem.
In recent months, the fintech has introduced several new offerings, including an AI-focused developer protocol, the wider launch of Mercury Personal in the US market, and Mercury Insights, an AI-powered financial analysis tool designed for businesses.
The company also revealed plans to launch Mercury Command later this year, a new AI-driven financial management platform aimed at automating end-to-end financial workflows for business owners.
According to Mercury, becoming a fully chartered national bank would allow the company to provide customers with additional capabilities such as direct access to Zelle, expanded lending services, and deeper control over payment infrastructure.
Founded in 2017 by Immad Akhund, Max Tagher, and Jason Zhang, Mercury now serves approximately 300,000 customers across the US, including companies such as Supabase, ElevenLabs, Linear, Phantom, and Tempo.
