Mercury raises $200M Series D at $5.2B valuation, led by TCV
Mercury, the fintech startup that provides banking services to other startups, has raised a new funding round that values it at $5.2 billion.
The Series D round, which brought in $200M, was led by TCV — backer of Revolut and Nubank — with returning investors Andreessen Horowitz, Coatue, CRV, Sapphire Ventures, Sequoia Capital, and Spark Capital joining in. The round marks a major milestone for the San Francisco-based company, which has positioned itself as the go-to banking platform for venture-backed startups and e-commerce businesses.
Mercury has been steadily growing its customer base and product suite, expanding beyond basic business banking into areas like accounting, financial operations, and treasury management. The company is also pursuing a bank charter — a move that would let it hold deposits and issue loans directly, rather than relying on partner banks.
A charter would give Mercury more control over its economics and its product roadmap, making it less dependent on third-party banking infrastructure.
Obtaining a bank charter is notoriously difficult and slow. Regulators scrutinise applicants heavily, and the process can take years. If Mercury fails to secure one, it will remain reliant on partner banks — an arrangement that limits margins and introduces operational risk.
The fintech sector has also faced heightened regulatory attention following the collapse of several partner banks. Mercury itself dealt with fallout from the Silicon Valley Bank crisis in 2023, which exposed the vulnerabilities of startups that depend on a single banking relationship.
Mercury's $5.2 billion valuation reflects a broader trend: fintechs that serve businesses — not consumers — are attracting serious capital. Investors see a large, underserved market in small and mid-sized companies that want modern, software-driven financial tools rather than legacy bank products.
The push for a bank charter also signals maturation. The first generation of fintechs was content to sit on top of existing banking rails. Now, the most ambitious players want to own the infrastructure themselves — a shift that could reshape the competitive landscape between fintechs and traditional banks.
Read more: Mercury · CNBC
Image credit: Mercury
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