FinTech firm Mercury has secured $200m in a Series D funding round, valuing the company at $5.2bn.
The round was led by growth equity firm TCV, with continued backing from a roster of prominent existing investors including Andreessen Horowitz, Coatue, CRV, Sapphire Ventures, Sequoia Capital, and Spark Capital.
The raise brings Mercury’s total primary and secondary funding to approximately $700m.
The announcement arrives at a moment of profound structural change in entrepreneurship. Artificial intelligence is dramatically accelerating the pace at which founders can build companies, and Mercury is positioning itself as the financial infrastructure layer for that next generation of business builders.
Mercury co-founder and CEO Immad Akhund said, “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.”
Mercury now counts more than 300,000 customers on its platform, including one in three US startups and a growing share of AI-native companies, it said.
Its client base spans some of the more consequential technology businesses being built today, among them Supabase, ElevenLabs, Lovable, Linear, Phantom, and Tempo. Notably, the company’s reach has extended well beyond its original technology startup audience. Ecommerce brands, professional services firms, and individual entrepreneurs, including podcaster Dwarkesh Patel, who uses Mercury for both personal and business finances, now make up a significant portion of the customer base. More than 73% of new customers now come from outside the AI and tech startup category, a figure that speaks to Mercury’s broadening market appeal.
On the financial performance front, the company reported $650m in annualised revenue as of Q3 2025 and has continued on a strong growth trajectory.
Applications to Mercury grew 2.5x in Q1 2026 compared to the same period the previous year, a surge that mirrors wider trends in entrepreneurship. According to the US Census Bureau, new US business applications rose 18% year-on-year in Q1 2026. Mercury has also maintained profitability across four consecutive years on both a GAAP net income and EBITDA basis.
The fresh capital will support an expanding suite of product capabilities Mercury has been rolling out. Over the past year, the company launched Mercury Insights, an in-product AI tool that provides customers with a real-time, interactive view of their financial health.
It also extended developer tooling through a Model Context Protocol (MCP) integration and a command-line interface (CLI), enabling businesses to interact with their banking infrastructure programmatically.
Looking ahead, Mercury has announced Mercury Command, a forthcoming feature that aims to fundamentally reshape how customers manage financial workflows. Rather than navigating across multiple tools and spreadsheets, users will be able to direct Mercury in natural language, checking cash positions, adjusting auto-transfer rules, categorising transactions, or sending invoices, all from within their account. Because the feature is built natively into Mercury’s infrastructure, every action is grounded in live account data and requires customer review and approval before execution.
TCV general partner Neil Tolaney said, “Mercury and Immad are delivering on a powerful vision: a radically different, genuinely delightful banking experience for ambitious companies across the US.
“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.”
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