Mercury Raises $200 Million to Launch National AI-Native Bank

Fintech company Mercury raised $200 million in a Series D funding round led by TCV, valuing the firm at $5.2 billion. This valuation marks a 49% increase over the company's previous funding round from 14 months ago. The round included participation from Sequoia Capital, Andreessen Horowitz, Coatue, CRV, Sapphire Ventures, and Spark Capital, bringing the company's total funding to approximately $700 million.

CEO Immad Akhund reported that the company has been profitable for four years, reaching $650 million in annualized revenue in the third quarter of 2025. Mercury has seen a 2.5-fold increase in applications in the first quarter of 2026 compared to the previous year, a surge Akhund attributes to AI-driven entrepreneurship. To support this growth, the company is expanding its AI capabilities via Mercury Insights and the upcoming Mercury Command, and integrated payroll services through the acquisition of Central.

The funding follows conditional approval from the Office of the Comptroller of the Currency to establish Mercury Bank, N.A. Expected to receive final approval in 2027, this charter will allow Mercury to operate as a fully chartered national lender, join the Zelle network, and reduce its reliance on partner banks such as Column and Choice Financial.