Digital banking startup Mercury raised $200 million in a Series D round led by TCV at a $5.2 billion valuation, a 48.6% jump from the $3.5 billion valuation it secured in its March 2025 Series C. Sequoia, Andreessen Horowitz, Coatue, CRV, Sapphire Ventures and Spark Capital joined the round, pushing total primary and secondary funding to roughly $700 million.
Mercury hit $650 million in annualized revenue in Q3 2025 and saw new onboarding applications grow 2.5x year-over-year in Q1 2026, with four consecutive years of GAAP and EBITDA profitability. The company now serves more than 300,000 customers, including one in three US startups.
The raise follows a conditional OCC approval in April for a US national bank charter, granted just five months after Mercury filed its application. Once fully chartered as Mercury Bank, N.A., the company plans to add Zelle access, expand lending products and operate its own payment infrastructure.