Mercury raised $200 million in a Series D at a $5.2 billion valuation (up 49% from its $3.5B valuation in March 2025), taking total primary and secondary funding to about $700M; the TCV-led round included a16z, Sequoia and others and the bank serves 300,000 companies including crypto wallet Phantom while reporting $650M in annualized revenue and four consecutive years of GAAP profitability as of Q3 2025. With conditional OCC approval to establish its own bank, this capital and chartering could materially improve banking on‑ramps for fintech and crypto startups, supporting fundraising, adoption, and integration with DeFi, CEX and DEX ecosystems.

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Digital banking startup Mercury has raised $200 million in a Series D round at a $5.2 billion valuation, the company announced Wednesday.

That’s up 49% from the $3.5 billion valuation it achieved when announcing its $300 million Series C — which included primary and secondary funding — in March of 2025. The latest capital infusion brings San Francisco-based Mercury’s total primary and secondary funding to approximately $700 million since its 2017 inception.

Immad Akhund, co-founder and CEO of Mercury. (Courtesy photo)

TCV led the latest financing, which included participation from returning backers Andreessen Horowitz, Coatue, CRV, Sequoia Capital, Sapphire Ventures and Spark Capital.

Mercury counts more than 300,000 companies as customers, including startups and larger entities such as Supabase, ElevenLabs, Lovable, Linear, Phantom and Tempo.

Interestingly, Mercury recently received conditional approval from the banking regulator, the OCC, to establish its own bank. This is in contrast to many fintechs, which typically work with a sponsor bank but are not banks themselves.

The company hit $650 million in annualized revenue as of the 2025 third quarter, and claims to have achieved four consecutive years of profitability on both a GAAP net income and EBITDA basis.

AI’s effects

“AI is collapsing the friction between an idea and a company faster than anything I have seen in my career,” Immad Akhund, co-founder and CEO of Mercury, said in a press release. “We are going to see more founders in the next five years than in the last twenty. But legacy banking in 2026 still works the way it did when I started my first company in 2006. I started Mercury because banking should do more than be a vault, it should help customers run the best business possible.”

Fintech startups, particularly those that apply AI to traditionally manual or burdensome processes, have benefited from increased investment in recent quarters. Global funding to VC-backed financial technology startups totaled $53.8 billion in 2025, per Crunchbase data. That’s a more than 29% increase from 2024’s total of $41.6 billion raised.

Disclosure: The author of this article is a freelance writer who also writes for Mercury’s independent magazine, Meridian.