Mercury has raised a $200 million Series D financing at a $5.2 billion valuation, positioning the startup-focused banking platform to expand its AI-driven financial infrastructure as entrepreneurship and AI-native business formation accelerate.
The round was led by TCV and included participation from existing investors Andreessen Horowitz, Coatue, CRV, Sapphire Ventures, Sequoia Capital and Spark Capital. The financing brings Mercury’s total funding to roughly $700 million.
The company, which launched as a banking platform for venture-backed startups, now serves more than 300,000 customers and says one in three U.S. startups uses its platform. Mercury has also become increasingly concentrated within the AI startup ecosystem, counting companies such as Supabase, ElevenLabs and Linear among its customers.
At the same time, Mercury’s customer mix is broadening well beyond venture-backed technology firms. The company said more than 73% of new customers now come from outside the AI and startup category, including ecommerce businesses, professional services firms and independent operators.
Operationally, Mercury is increasingly positioning itself not as a digital checking account provider, but as a broader financial operating system for startups and small businesses. Its platform combines banking, invoicing, spend management, payments, cash-flow analysis and AI-powered workflow automation within a unified interface.
CEO and co-founder Immad Akhund said traditional banking infrastructure has not evolved at the pace of modern company formation.
“AI is collapsing the friction between an idea and a company faster than anything I have seen in my career,” Akhund said in announcing the financing.
Mercury reported reaching $650 million in annualized revenue in the third quarter of 2025 and said it has now delivered four consecutive years of profitability on both a GAAP net income and EBITDA basis — a notable milestone in a fintech sector where investors have increasingly shifted focus toward sustainable growth and operational efficiency.
The company also said applications increased 2.5 times year over year in the first quarter, reflecting broader growth in U.S. business formation activity.
Much of Mercury’s recent product development has focused on embedding AI directly into financial operations workflows. The company recently launched Mercury Insights, an AI-powered financial analysis tool designed to provide businesses with real-time operational visibility into cash flow and company performance without relying on spreadsheets or external analytics software.
Mercury has also expanded developer-focused infrastructure tools, including a command-line interface and secure banking integrations designed around AI workflows and machine-readable financial operations.
Later this year, the company plans to launch Mercury Command, an AI interface that will allow users to manage financial operations through natural-language prompts. The platform is designed to execute tasks such as adjusting transfer rules, categorizing transactions, sending invoices and reviewing cash positions directly inside the banking environment.
Rather than positioning AI as a standalone advisory layer, Mercury is embedding automation directly into transaction infrastructure and operational finance workflows — an increasingly important distinction as fintech firms compete to become integrated operational platforms rather than isolated financial tools.
The financing also comes shortly after Mercury received conditional approval from the Office of the Comptroller of the Currency to establish Mercury Bank, N.A., a significant step toward becoming a fully regulated national bank.
If fully approved, the charter would allow Mercury to control more of its payments infrastructure internally and expand offerings such as Zelle access and lending products without relying as heavily on partner banks.
For fintech companies, owning banking infrastructure outright has become strategically important as firms seek greater control over payments, compliance, product development and customer experience while reducing operational dependence on legacy banking institutions.
TCV, which has previously backed fintech companies including Revolut, Nubank and Qonto, said it views Mercury as part of a broader shift toward AI-native financial infrastructure built for the next generation of businesses.
“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,” said Neil Tolaney, general partner at TCV.
