Mercury raises USD $200 million in Series D led by TCV

Mercury has raised USD $200 million in a Series D funding round led by TCV, valuing the company at USD $5.2 billion.

Existing investors Andreessen Horowitz, Coatue, CRV, Sapphire Ventures, Sequoia Capital and Spark Capital also participated.

The fundraising comes as Mercury reports sharp growth in customer applications and expands beyond its original base of technology startups. It now serves more than 300,000 customers, including what it describes as one in three US startups.

Annualised revenue stood at USD $650 million as of the third quarter of 2025. Mercury also said it has recorded GAAP net income and EBITDA profitability for four consecutive years.

Application growth has been central to Mercury's pitch to investors. Applications to its platform rose 2.5 times in the first quarter of 2026 from a year earlier, according to the company, compared with an 18% rise in new US business applications recorded by the US Census Bureau.

Founded in 2017, Mercury initially focused on banking tools for tech startups. That base has since widened, with more than 73% of new customers now coming from outside the AI and tech startup category.

Its customer roster includes technology groups such as Supabase, ElevenLabs, Lovable, Linear, Phantom and Tempo; eCommerce businesses including Bogey Bros and Cocolab; and professional services firms such as Ways & Means and neuemotion. Some individuals also use its products for both business and personal finances.

Product push

Over the past year, Mercury has added several products designed to tie financial management more closely to activity inside customer accounts. They include Mercury Insights, which is described as an in-product AI tool for viewing a company's financial position in real time.

It has also introduced MCP and CLI tools for developers, allowing access to account information and certain actions through the terminal. Its acquisition of Central will bring payroll to its offerings, while Mercury Personal extends its services to qualifying US applicants for personal finance.

Mercury is also preparing a new product called Mercury Command, which it said will let customers perform financial tasks via natural-language prompts within their accounts. Actions would be based on account data and remain subject to customer review and approval.

Bank charter

The funding round follows another milestone in Mercury's effort to take greater control of its financial infrastructure. In April, it received conditional approval from the Office of the Comptroller of the Currency to establish Mercury Bank, N.A.

That places Mercury on a path to becoming a nationally regulated bank. However, it still needs further approvals from the Federal Deposit Insurance Corporation and the Federal Reserve, as well as final approval from the OCC, before the bank can open.

Mercury has argued that a bank charter would let it offer services and infrastructure more directly, rather than relying as heavily on partner institutions. It cited payments infrastructure, lending products and access to services such as Zelle among the affected areas.

The broader backdrop is a period of rising business formation in the US and strong investor interest in AI-linked companies. Mercury said this is creating a larger pool of founders seeking financial tools that do more than just hold deposits and process payments.

Chief Executive Officer Immad Akhund framed the raise as a response to that shift. "We raised because the opportunity in front of us is bigger than anything we've seen," he said.

He also linked the company's strategy to changes in how businesses are being formed. "The new generation of founders using AI tools deserve banking that helps them actually understand and run their businesses," Akhund said.