Mercury, a US-based financial technology company serving businesses, has closed a USD 200 million Series D funding round led by TCV at a valuation of USD 5.2 billion. Existing investors, including Andreessen Horowitz, Coatue, CRV, Sapphire Ventures, Sequoia Capital, and Spark Capital, also participated, bringing Mercury's total primary and secondary funding to approximately USD 700 million.
The round signals continued investor confidence in Mercury's model of developing banking infrastructure purpose-built for the needs of modern businesses, particularly those at the intersection of technology and entrepreneurship.
Growth trajectory and expanding customer base
Mercury reports that more than 300,000 customers now use its platform, including one in three US startups. While the company was originally built for technology startups, it has broadened its reach considerably, with more than 73% of new customers now coming from outside the AI and tech startup category. These include ecommerce businesses and professional services firms.
Product development and national bank ambitions
Over the past year, Mercury has expanded its product offering in several directions. It launched Mercury Insights, an in-product AI tool providing real-time visibility into business financial health. It also extended its developer tools through a Model Context Protocol (MCP) integration and a command-line interface (CLI), enabling secure programmatic access to banking functions. The acquisition of Central is set to bring AI-native payroll into the platform, and Mercury Personal has been opened to all qualifying US applicants.
Later in 2026, Mercury plans to introduce Mercury Command, a natural language interface allowing customers to manage financial tasks directly within their account, including checking cash positions, modifying transfer rules, categorising transactions, and sending invoices, all without leaving the platform.
The fundraise follows Mercury receiving conditional approval from the Office of the Comptroller of the Currency (OCC) to establish Mercury Bank, N.A. as a fully regulated national bank. That status would unlock capabilities currently unavailable to Mercury customers, including access to Zelle, expanded lending products, and proprietary payment infrastructure.
Neil Tolaney, General Partner at TCV, stated that the next generation of entrepreneurs would be AI-native and would require a banking partner capable of supporting their financial operations at the pace that AI development demands, identifying Mercury as that partner.
