Mercury, A Business Banking Fintech, Raises $200 Million
Mercury, a forward-thinking fintech that began by offering financial services to startups and other businesses via a traditional banking partner, has recently raised $200 million in a Series D funding round. This substantial investment comes on the heels of the fintech receiving conditional approval for its own bank charter, a significant step in the evolution of the company. The investment round was led by TCV and has propelled the company’s valuation to $5.2 billion.
Consistency with High-Quality, AI-Enabled Fintechs
“Mercury’s Series D carries premiums on both size and valuation, but is consistent with what we’re seeing for high-quality, AI-enabled fintechs right now,” PitchBook fintech analyst Rudy Yang informed American Banker. “The company continues to grow, deliver profitability and innovate with how customers bank with AI. Getting a bank charter only adds to their momentum, too, unlocking unit economics that weren’t accessible before.”
Mercury’s Bank Charter and Future Plans
Last month, Mercury received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish its own banking division, Mercury Bank, with a de novo charter. The new charter will enable Mercury to incorporate Zelle into user accounts, expand its lending products for both businesses and individuals, and build its own payments infrastructure. Interestingly, the main office of Mercury Bank will be located in Salt Lake City, Utah, separate from the fintech’s San Francisco headquarters.
Former SoFi Bank executive Jon Auxier has been appointed to serve as CEO and president of the newly-formed Mercury Bank. During his tenure at SoFi Bank, he played a significant role in the implementation of SoFi’s national bank charter back in 2022. He is determined to build a bank that matches the operational infrastructure and risk management discipline of Mercury’s already high-standard products.
Mercury’s Continued Partnerships and New Offerings
While still in the process of acquiring the charter, Mercury continues its partnership with Choice Financial Group and Column Bank as its sponsor deposit banks. Furthermore, in 2025, the fintech introduced Mercury Personal, a product designed to extend Mercury’s services into consumer banking, to individual U.S. applicants.
Mercury’s Vision for the Future
“We are going to see more founders in the next five years than in the last twenty,” stated Mercury co-founder and CEO Immad Akhund. “But legacy banking in 2026 still works the way it did when I started my first company in 2006. I started Mercury because banking should do more than be a vault, it should help customers run the best business possible.”
Mercury’s Financial Performance
Mercury reported an impressive $650 million in annualized revenue as of Q3 2025 with around 300,000 customers. Furthermore, the fintech has seen a 2.5x increase in applications year over year for the first quarter of 2026. This data underscores the strong momentum the company is experiencing in the market.
“We believe the next generation of entrepreneurs will be AI-native and will need a banking partner that helps them run their finances and build at the pace AI itself is setting,” said Neil Tolaney, general partner at investment firm TCV, which led the Series D funding round. “We see Mercury as that partner.”
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