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
CNBCHugh Son
Context & Ripple Effects
Mercury’s latest round follows a $300M Sequoia-led financing in March 2025 that valued it at $3.5B. Its valuation has risen from roughly $100M in 2019 to $1.62B in 2021 and now $5.2B, alongside an expansion from startup banking into personal accounts.
The company says it has been profitable on a GAAP net-income and EBITDA basis for three years and has reached $650M in annualized revenue. Its earlier deposit growth after Silicon Valley Bank’s collapse underscores why a startup-focused banking provider can become strategically important during disruption in its customers’ core banking options.
First-order effects
Mercury gains $200M of new capital and a higher valuation, strengthening its capacity to invest in products and serve startup customers while preserving a profitable operating profile.
TCV becomes the lead investor in a fintech whose reported revenue and valuation have both accelerated since Mercury’s prior round.
Second-order effects
The financing raises the competitive bar for other providers of startup financial infrastructure, which must contend with a better-capitalized Mercury across business banking and its newer consumer offering.
Mercury’s ability to fund growth without an apparent near-term profitability trade-off may make it a more credible banking partner for startups seeking alternatives or diversification after SVB-era disruptions.
Third-order effects
If profitable fintechs can continue attracting large late-stage rounds, the sector may separate more sharply between scaled platforms with durable revenue and smaller providers dependent on external capital.
The pattern points to banking relationships becoming a broader software-and-finance platform decision for startups, rather than a commodity account choice—though execution and partner-bank resilience remain consequential.
The trend: Mercury is part of the maturation of startup-focused fintechs into scaled, multi-product financial platforms able to pair growth financing with reported profitability.
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. 🔥
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]
@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
🚨 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…
AI-native banks are one of the most durable and valuable assets in the AI era You can't vibe code a bank But you can automate most of the back office and create a 10x better experience Congrats @immad @MattRHeiman and the @mercury team on another impressive milestone
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!
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…
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. …
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 …