After capturing one in three U.S. startups as customers, banking platform Mercury has reached a $5.2 billion valuation following a $200 million Series D funding round. Led by investment firm TCV, the round marks a nearly 50% jump from the company's $3.5 billion valuation just last year. As first reported by Inc., the massive capital influx coincides with a dramatic spike in demand, with Mercury's customer applications surging 2.5 times in the first quarter of 2026 compared to the same period a year earlier.
The San Francisco-based fintech is leveraging its expanding capital base to transition its core underlying infrastructure. Mercury has obtained conditional approval from the Office of the Comptroller of the Currency to establish its own national bank, Mercury Bank, N.A. The company is actively applying for direct FDIC deposit insurance to secure a full, independent charter. Financially self-sustaining prior to this transaction, the firm reached $650 million in annualized revenue in the third quarter of 2025 and has sustained profitable growth since.
The company will use the funding to scale its operational software and deploy new product features tied to artificial intelligence. Following its acquisition of payroll and compliance startup Central, Mercury launched Mercury Insights and plans to roll out an automated financial management tool called Mercury Command later this year. Highlighting the firm's independent cash position moving forward, co-founder and CEO Immad Akhund told Inc., “We’ve been profitable for four years, so we don’t have a plan to do another raise.”
