Mercury, a U.S. fintech company that offers banking services built specifically for entrepreneurs, has closed a $200 million Series D round at a valuation of $5.2 billion. The round was led by TCV and included Andreessen Horowitz, Coatue, CRV, Sapphire Ventures, Sequoia Capital, and Spark Capital, all existing investors. Total primary and secondary funding now stands at approximately $700 million.
Co-founder and CEO Immad Akhund started Mercury with a straightforward premise: that business banking had not meaningfully improved in decades. His view was formed in part by his own experience as a founder. He first started a company in 2006, and by the time he launched Mercury, the tools available to entrepreneurs had not changed much.
The raise comes at a moment when new business formation in the United States is running at historically high levels. Between November 2025 and January 2026, U.S. entrepreneurs filed 1.56 million business applications, the most of any three-month stretch since the Census Bureau began tracking this data in 2004. AI tools have lowered the cost and complexity of starting a company, meaning more people are doing it, and doing it faster.
For years, startups have had limited options when it came to business banking. Traditional banks were built for established businesses, not fast-growing companies that need real-time financial visibility, fast payments, and tools that connect with how they actually operate. The problem has only grown more pressing as the number of new businesses increases.
Mercury has built its product around that specific need. The platform now serves more than 300,000 customers. According to Crunchbase data cited by Mercury, one in three U.S. startups that received angel, pre-seed, seed, or Series A funding in the most recent year banks with Mercury. Its customer list includes Supabase, ElevenLabs, Lovable, Linear, Phantom, and Tempo.
"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 at TCV
A large part of the funding will go toward expanding Mercury's AI-powered tools. The company recently launched Mercury Insights, its first in-product AI tool, which gives customers an interactive, real-time view of their financial health with no spreadsheets or extra tools required. It has also added a Model Context Protocol integration, which gives developers secure programmatic access to their banking, and a command-line interface that lets them take actions directly in the terminal.
Mercury Command is the company's most ambitious product announcement yet. Planned for release later this year, it will allow customers to manage their finances entirely through natural language. Tell Mercury to check your cash position, change your auto-transfer rules, or send an invoice, and it happens within the account, based on real account data, with customer approval required before any action is taken.
Mercury also acquired Central, a payroll software company, which will allow it to bring payroll directly into the platform. Separately, the company received conditional approval from the Office of the Comptroller of the Currency to establish Mercury Bank, N.A. That is a step toward becoming a fully regulated national bank, which would give customers access to Zelle, expanded lending products, and payment infrastructure that Mercury would build and control itself.
Immad Akhund founded Mercury on the argument that most business banking tools had not kept pace with how companies actually work. Mercury describes itself as a fintech built to "hold, move, and help you truly understand your money," with cards, invoicing, bill pay, spend management, and financial insights all available within a single account.
The company started as a product for tech startups, but its customer base has broadened. More than 73% of new Mercury customers now come from outside the AI and tech startup category, including ecommerce companies, professional services firms, and individual creators. Mercury Personal, the company's personal banking product, has also been opened to all qualifying U.S. applicants.
"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." — Immad Akhund, CEO of Mercury
Mercury has been profitable for four consecutive years, on both a GAAP net income and EBITDA basis. By Q3 2025, it had reached $650 million in annualized revenue. Applications to join the platform grew 2.5x in Q1 2026 compared to Q1 2025.
TCV led the Series D. The firm has previously backed fintech companies including Revolut, Nubank, Qonto, Pennylane, and Allica Bank. The rest of the round came from Mercury's existing investor base: Andreessen Horowitz, Coatue, CRV, Sapphire Ventures, Sequoia Capital, and Spark Capital.
"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 at TCV
