Mercury has raised $200 million in a Series D funding round that values the financial technology company at $5.2 billion.
The investment was led by growth equity firm TCV, while existing backers including Andreessen Horowitz, Coatue, CRV, Sapphire Ventures, Sequoia Capital, and Spark Capital also participated in the round.
With the latest raise, Mercury’s combined primary and secondary funding now stands at around $700 million.
The funding announcement comes as entrepreneurship undergoes major transformation, driven largely by advances in artificial intelligence. Mercury is aiming to establish itself as a key financial infrastructure provider for a new generation of founders building businesses at accelerated speed.
The company serves several high-profile technology firms, including Supabase, ElevenLabs, Lovable, Linear, Phantom, and Tempo. However, Mercury’s customer base has expanded well beyond traditional technology startups. Ecommerce businesses, professional service companies, and solo entrepreneurs now represent a growing share of its users. Among them is podcaster Dwarkesh Patel, who uses Mercury for both personal and business banking needs. According to the company, more than 73% of new customers now originate outside the AI and tech startup sectors, highlighting its widening market reach.
Mercury also reported strong financial momentum, revealing annualised revenue of $650 million as of the third quarter of 2025.
Customer demand has continued to accelerate. Applications to the platform increased 2.5 times in the first quarter of 2026 compared with the same period a year earlier, reflecting broader entrepreneurial growth trends in the United States. Data from the US Census Bureau showed that new business applications rose 18% year-on-year during the same period. Mercury added that it has remained profitable for four consecutive years on both a GAAP net income and EBITDA basis.
The newly raised capital will support further expansion of Mercury’s product offerings. Over the past year, the company introduced Mercury Insights, an AI-powered in-platform tool designed to give customers an interactive, real-time overview of their financial health.
Mercury has also enhanced its developer capabilities through a Model Context Protocol integration and a command-line interface, allowing businesses to manage banking operations programmatically.
Looking ahead, the company plans to launch Mercury Command, a new feature intended to streamline financial workflows through natural language interactions. The tool will allow customers to perform tasks such as reviewing cash balances, modifying auto-transfer settings, categorising transactions, and issuing invoices directly within the platform. Mercury said all actions will be connected to live account data and will require customer approval before being completed.
