Business banking fintech Mercury has raised $200 million in a Series D funding round led by TCV with participation from Andreessen Horowitz, Coatue, CRV, Sapphire Ventures, Sequoia Capital, and Spark Capital.
The round values Mercury at $5.2 billion, up 48.6% on the company’s previous $3.5 billion valuation secured following its Series C funding round last March.
This increase reflects a number of key milestones passed by Mercury since its last fundraise. These include reaching $650 million in annualised revenue in Q3 2025, a 2.5x year-over-year jump in new onboarding applications in Q1 2026, and four consecutive years of GAAP and EBITDA profitability.
Most notably, Mercury landed conditional approval for a US national bank charter in April, just five months after its application was first submitted to the Office of the Comptroller of the Currency (OCC).
Mercury is now passing through the bank organisation phase and is expected to use its new funding to fuel its journey towards becoming a fully regulated national bank.
The company has recently been expanding its range of business banking products, including the roll out of a Model Context Protocol to AI developers in November, the rise of Mercury Personal into general availability in the US in December, and more recently, the debut of a new AI-powered financial analysis tool called Mercury Insights in March.
A company statement announcing the Series D confirms that this momentum will continue with Mercury Command, which will offer business owners an AI-driven financial management tool for end-to-end financial workflows and is expected to launch later this year.
“As a fully chartered national bank, Mercury Bank, N.A. will provide customers capabilities they can’t access today including access to Zelle, an expanded suite of lending products, and deeper payment infrastructure built and controlled by Mercury,” the statement says.
Mercury is also currently attempting to land approval with the Federal Deposit Insurance Corporation for Mercury Bank, N.A., and has previously stated plans to file an application with the Federal Reserve to restructure itself as a bank holding company.
The fintech has amassed around 300,000 customers in the US since being founded by Immad Akhund, Max Tagher, and Jason Zhang in 2017, with customers including Supabase, ElevenLabs, Lovable, Linear, Phantom, and Tempo.