Mercury, which provides banking services to startups, raised a $200M Series D led by TCV at a $5.2B valuation, up from $3.5B in March 2025
Mercury, a fintech firm that provides banking services to startups, has raised $200 million in funding at a $5.2 billion valuation, CNBC has learned exclusively.
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Context & Ripple Effects
Mercury’s latest round follows a March 2025 $300M financing that valued it at $3.5B, extending a funding history that began with a $20M Series A in 2019 and moved through a roughly $1.6B valuation in 2021.
The company has broadened from startup banking into consumer offerings, while its startup-focused deposit base grew after Silicon Valley Bank’s collapse. Mercury now says it has been GAAP-profitable and EBITDA-profitable for three years and has reached $650M in annualized revenue.
First-order effects
The $200M TCV-led round gives Mercury additional capital at a $5.2B valuation, reinforcing its position as a scaled, independently funded provider of financial services to startups.
The valuation increase since March 2025 validates Mercury’s reported revenue and profitability trajectory for current investors and customers evaluating the durability of its platform.
Second-order effects
Other startup-focused neobanks and fintech finance platforms face a stronger benchmark: growth alone is less differentiated when Mercury can point to both scale and sustained profitability.
Mercury’s ability to fund expansion can intensify competition for startup operating accounts and adjacent consumer-finance users, particularly among providers seeking deposits and recurring software-like revenue.
Third-order effects
If profitable fintech infrastructure companies continue attracting large private rounds, the sector may separate more sharply between durable platforms with diversified customer bases and smaller providers reliant on external funding.
The post-SVB shift in where startups place operating cash could keep favoring specialized digital banking platforms, though the durability of that shift will depend on customer trust and the underlying banking arrangements.
The trend: Mercury’s financing is another sign that startup-finance fintechs with deposits, recurring revenue, and demonstrated profitability are gaining strategic weight after the disruption of traditional startup banking.
🚨 BREAKING: Mercury raises $200M at a $5.2B valuation. Now 4 years profitable, at $650M in revenue, with a conditional bank charter approved. The neobank class of 2019 has completely reshuffled. - @Brexhq got acquired by Capital One for $5.15B. - @tryramp became an AI spend [imag…
@immad Mercury is genuinely a great product @immad, much easier to use than traditional banking. This sounds like a cliche, but when you're familiar with the delays etc. from traditional banks, Mercury is a breath of fresh air. Well deserved Series D! Coming from a satisfied cust…
Mercury: raised $200M at $5.2B post. profitable for 4 years, hit $650M in revenue in Q3 last year, growing faster than ever Launching Mercury Command, a way to complete financial work end-to-end with AI. 🔥
@immad I know I speak for many of us. You are everything we wanted in a bank. Impossible to go back to the local bank at this point. We consider Mercury a partner at this point
JUST IN: MERCURY JUST RAISED $200M AT A $5.2 BILLION VALUATION That's a 49% jump from their last round 14 months ago, per CNBC. And it's happening while the rest of fintech is in a downturn: *The deal:* - $200M Series D led by TCV (also backed Revolut and Nubank) - Sequoia, [imag…
BREAKING: Mercury raises $200M Series D at a $5.2B valuation from TCV, a16z, Coatue, and Sequoia. USVC participated in this round with a $5M investment to expand access to everyday investors. Here's why we invested and what it means for our investors: [image]
Big day for Mercury and coming on the heels of an amazing quarter where we had record customer growth and received OCC conditional approval for our bank charter application …
So happy for @immad and this great team + product! It's the unequivocal best product for business (and personal) banking. In fact, one may go so far as to say that I have a Mercury addiction. (Disclosure: tiny investor in multiple rounds.) [image]
I signed up for Mercury ASAP when I started Atom. My previous co - I had to physically walk into a bank and wait 2 weeks for approval. Awful. Invested in Mercury ASAP after using it. Light years ahead. And even better today - congrats Immad and team!
Massive $200M Series D for @Mercury at a $5.2B valuation. Up 50% from last year, driven by its approval to become a federally regulated bank, which would allow it to offer lending, join @Zelle and reduce reliance on partner banks. Glad that @thefintechfund invested 4 yrs ago!
Mercury raised a $200M Series D at $5.2B, led by TCV! The next chapter is a big one: AI is going to enable more founders in the next 5 years than we saw in the last 20. …