Mercury, a digital business banking platform, has announced a $200 million Series D funding, bringing its valuation to $5.2 billion. TCV led the round. Other existing investors include Andreessen Horowitz, Coatue, CRV, Sapphire Ventures, Sequoia Capital, and Spark Capital. The latest investment takes Mercury’s total primary and secondary funding to around $700 million since its founding in 2017.
The valuation of 5.2 billion is a 49% hike from the 3.5 billion valuation that the San Francisco-based company was valued at in the last capital event held in March 2025. This valuation jump occurs alongside robust financial metrics, with Mercury reporting $650 million in annualized revenue during the third quarter of 2025 and achieving four consecutive years of profitability on both a GAAP net income and EBITDA basis.
Scaling AI-Native Corporate Banking
Mercury intends to use the capital to advance its ecosystem of artificial intelligence tools tailored for corporate finance management. The platform is shifting toward an “AI-native” model designed to automate manual accounting procedures, cross-tab data navigation, and spreadsheet exports that have historically slowed down business operations.
The corporate roadmap heavily features the upcoming launch of Mercury Command, an integrated system that will allow business clients to execute complex financial operations using natural language interface prompts. Through this tool, users will be able to review overall cash positions, modify automated treasury transfer limits, classify multi-category transactions, and distribute client invoices within their dashboard.
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The platform has already initiated several technical features over the past year, including Mercury Insights, which delivers interactive, real-time diagnostic reporting on corporate financial health. For technical operations, Mercury introduced secure programmatic banking access through the Model Context Protocol (MCP) alongside a dedicated command-line interface (CLI) that enables developer teams to execute treasury actions directly from a terminal window.
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Accelerating New Business Applications
This financing round coincides with the largest boom in entrepreneurship and new business creation in the history of America. According to the U.S. Census Bureau, new business applications increased by 18% compared to the same quarter a year ago; that can largely be explained by the elimination of the hurdles to entrepreneurship through the use of SaaS automation.
Mercury has outpaced this macro growth curve, recording a 2.5-times increase in new customer applications over that identical timeframe. While the platform initially designed its services for tech startups, its user base has diversified extensively across the broader economy. More than 73% of Mercury’s newly onboarded accounts originate outside the core software and technology category, encompassing e-commerce merchants, professional service providers, and content creators.
To expand its demographic reach, the company recently widened access to Mercury Personal, a premium consumer banking offering available to qualifying domestic applicants. Additionally, Mercury expanded into automated operational workflows through the strategic acquisition of Central, an AI-native infrastructure platform specialised in managing multi-state corporate payroll, employee benefits packages, and regulatory compliance.
Transitioning to a National Bank Charter
The capital event follows a major regulatory milestone for the financial technology sector. Mercury recently received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish its own national bank entity, Mercury Bank, N.A.
Unlike typical fintech firms that operate exclusively as front-end user interfaces layered over third-party sponsor banks, the OCC’s conditional charter approval marks a clear path for Mercury to operate as a fully chartered national banking institution. Transitioning to an independent, federally regulated bank structure will grant Mercury direct ownership and control over its underlying payment architecture.
The corporate transition will allow the platform to offer expanded capital solutions that are currently unavailable under the sponsor-bank framework. Future product rollouts enabled by the national charter include direct integrations with the Zelle network, specialised corporate lending facilities, and highly customised treasury infrastructure built natively on Mercury’s own ledger systems.
