FundingUS
Mercury Raises $200M Series D at $5.2B Valuation Led by TCV
Mercury raised $200M in a Series D round at a $5.2B valuation, with TCV as lead investor. Returning participants include Andreessen Horowitz, Coatue, CRV, Sapphire Ventures, Sequoia Capital, and Spark Capital. The announcement, dated May 20, 2026, was made by co-founder and CEO Immad Akhund.
Mercury serves more than 300,000 customers and claims one in three U.S. startups use the platform. The company noted a 2.5x increase in applications during Q1 2026 compared to Q1 2025. Over 73% of new customers now come from outside the AI and tech startup category, spanning ecommerce and professional services.
Mercury has reported four consecutive years of GAAP net income.
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Implications
- Validates the embedded business banking model as a growth category adjacent to BaaS, with major institutional investors doubling down.
- Mercury's rising valuation may intensify competition among BaaS and neobank platforms targeting the startup and SME banking segment.
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