Mercury Raises $200 Million Series D at $5.2 Billion Valuation as AI Reshapes Startup Banking

Overview

Mercury, the fintech platform that handles banking for a third of all U.S. startups, has raised $200 million in a Series D round led by TCV, pushing its valuation to $5.2 billion, according to Tech Startups. The raise comes roughly three weeks after Mercury received conditional approval from the Office of the Comptroller of the Currency to operate as a federally chartered national bank — a milestone that, if completed, would move the company from its current partner-bank structure to owning full payment infrastructure.

What We Know

The $200 million round was led by TCV and includes all of Mercury’s major existing investors: Andreessen Horowitz, Coatue, CRV, Sapphire Ventures, Sequoia Capital, and Spark Capital, according to Tech Startups. The new valuation of $5.2 billion is a significant step up from the $3.5 billion valuation Mercury achieved during its Sequoia-led Series C in March 2025.

The company reports $650 million in annualized revenue as of the third quarter of 2025, and has maintained four consecutive years of GAAP net income and EBITDA profitability, according to Tech Startups. More than 300,000 businesses use the platform, including one in three U.S. startups, PYMNTS reported. Notable customers named in company materials include ElevenLabs, Supabase, and Lovable.

Co-founder and CEO Immad Akhund framed the round’s timing around the AI startup boom. “AI is collapsing the friction between an idea and a company faster than anything I have seen in my career,” Akhund told Tech Startups.

Neil Tolaney, General Partner at TCV, tied the investment thesis to the next generation of AI-native founders. “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,” Tolaney said.

Nearly three-quarters of Mercury’s new customers now come from outside the AI and tech startup category, according to PYMNTS, reflecting a broadening of its target market beyond its original founding niche.

The Bank Charter Push

The fundraise coincides with Mercury’s most significant regulatory development to date. On April 27, 2026, the OCC granted the company conditional approval to establish Mercury Bank, N.A. as a national bank, according to PYMNTS. Mercury had applied for the charter in December 2025.

“We applied for this charter because the best founders in the country deserve a bank that was built for them,” Akhund stated at the time.

The conditional approval is not yet a license to operate as a bank. Mercury must still complete a bank organization phase to satisfy remaining OCC requirements for final authorization, and also needs separate approvals from the FDIC for federal deposit insurance and from the Federal Reserve, PYMNTS reported.

Once the charter is finalized, Mercury expects it to enable direct Zelle integration, expanded lending products, and tighter control over its payment infrastructure, PYMNTS reported.

Recent Product Moves

Alongside the funding announcement, Mercury highlighted several product launches from recent months. The company introduced Mercury Insights, an in-product AI tool that gives customers a real-time view of their financial health, and plans to launch Mercury Command — a natural-language platform for financial work — later in 2026, according to PYMNTS. The company also acquired Central, an AI payroll startup, and expanded Mercury Personal banking to U.S. applicants.

What We Don’t Know

Mercury has not disclosed a timeline for completing the remaining regulatory steps toward its bank charter. The company has not announced IPO plans, though its profitability record and revenue scale place it among fintech companies typically considered near-IPO stage. The strategic rationale for its Utah charter location has not been publicly explained.

Mercury also has not disclosed what portion of its $200 million Series D is primary capital versus secondary, or how the funds will be allocated between growth, product development, and the banking transition.