Mercury banks $200M Series D at $5.2B to scale startup-focused fintech

Mercury, a fintech platform providing banking services for startups and high-growth businesses, has raised $200 million in a Series D funding round that values the company at $5.2 billion. The round was led by growth equity firm TCV, with participation from existing backers including Sequoia Capital, Andreessen Horowitz, Coatue, CRV, Sapphire Ventures, and Spark Capital. This latest raise lifts Mercury’s total primary and secondary funding to roughly $700 million since its founding in 2017, and marks a 49% increase over the $3.5 billion valuation it achieved at its 2025 Series C round.

The new capital reinforces Mercury’s position as one of the most highly valued private fintechs focused on startup and business banking. The company offers FDIC-insured bank accounts and related financial tools tailored to venture-backed and technology companies, and has increasingly emphasized AI-powered capabilities in its product roadmap. The size and step-up valuation of the Series D stand out against a broader environment of more cautious fintech funding, signaling continued investor conviction in Mercury’s growth trajectory and its role as an infrastructure player for the startup ecosystem. For TCV and other returning investors, the round deepens exposure to a platform that sits at the intersection of business banking, software, and AI-driven financial operations.