Mercury Raises $200M Series D Funding, at $5.2B Valuation

The round also saw participation from Andreessen Horowitz, Coatue,  CRV, Sapphire Ventures, Sequoia Capital, and Spark Capital.

The funding round brings total primary and secondary funding to about $700 million. The company is now valued at $5.2 billion.

The company plans to use the funds to grow its operations and continue developing its technology.

Mercury was originally built for tech startups, but today it serves customers across many industries, including ecommerce companies like Bogey Bros and Cocolab, and professional services firms such as Ways & Means and neuemotion. Some users, like podcaster Dwarkesh Patel, also use Mercury for both business and personal banking. Now, more than 73% of new customers come from outside the AI and tech startup space.

In Q3 2025 Mercury reached $650 million in annualized revenue, and has continued to grow quickly, with a 2.5x increase in applications in Q1 2026 compared to Q1 2025. This reflects its growing market share among new businesses and the broader rise in entrepreneurship.

In the past year, Mercury has expanded its platform capabilities. It launched Mercury Insights, an AI tool that gives customers a real-time view of their financial health without needing spreadsheets or extra software. The company also introduced developer tools, including secure banking access through its Model Context Protocol (MCP) and a command line interface (CLI) that allows actions directly from the terminal.

Mercury also expanded into new areas with the acquisition of Central, which will bring AI-powered payroll into its platform. In addition, it expanded Mercury Personal, allowing more founders to manage their personal finances alongside their business accounts.

Later this year, Mercury will launch Mercury Command, a new AI feature that lets users complete financial tasks end-to-end. Today, managing money often requires switching between tabs, using spreadsheets, and connecting multiple tools, but Command simplifies this process.

Instead of searching or navigating different systems, users can tell Mercury what they need—such as checking cash flow, updating transfer rules, categorizing transactions, or sending invoices. Everything is done in natural language, directly inside the account, with all actions based on real data and approved by the user.

This fundraiser follows Mercury receiving conditional approval from the OCC to launch Mercury Bank, N.A. This is an important step toward becoming a fully regulated national bank. Once fully approved, Mercury Bank will offer new features such as Zelle, expanded lending products, and a stronger payment infrastructure that Mercury can directly control.

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"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,” said Sudeep Jandyam, Principal at TCV. “We're proud to partner with Immad and the team building the bank that we believe will define the category for decades to come."

“The bank of the future is intelligent by design and gets smarter the more you use it because everything is connected. No legacy bank was built like that,” said Akhund.

"Mercury and Immad are delivering on a powerful vision: a radically different, genuinely delightful banking experience for ambitious companies across the U.S.,” said Neil Tolaney, General Partner at TCV. “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."

About Mercury

Founded in 2017 by Immad Akhund and Maximilian Tagher, Mercury is a modern banking platform built for startups and businesses. It is designed to help users hold, move, and understand their money in one place. The platform includes tools like cards, invoicing, bill payments, spend management, real time insights and automatic transaction categorization. Because everything is integrated, Mercury becomes smarter over time and helps users manage finances more easily without needing multiple tools.

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