Mercury, the San Francisco-based business-banking fintech, has raised USD 200 million in a Series D funding round led by TCV at a USD 5.2 billion valuation. The company announced the transaction on 20 May 2026.
The new valuation is approximately 48.6% above the USD 3.5 billion mark set at the company's previous Series C round.
TCV LEADS, EXISTING BACKERS RETURN
TCV, a new investor, led the Series D. Alongside TCV, the round drew participation from a set of Mercury's existing backers, including Andreessen Horowitz, Coatue, CRV, Sapphire Ventures, Sequoia Capital and Spark Capital.
The company said the raise followed its conditional approval from the OCC to establish Mercury Bank, N.A. Mercury says it serves more than 300,000 customers, including one in three US start-ups.
PROGRESS TOWARDS A NATIONAL BANK CHARTER
The funding comes shortly after a significant regulatory milestone for Mercury. The company received conditional approval from the Office of the Comptroller of the Currency for a US national bank charter in April 2026 and is currently in the bank organisation phase, and must still meet the remaining conditions and secure final OCC authorisation as well as FDIC and Federal Reserve approvals.
Mercury has to date provided banking services through partner banks. It has said a charter would enable services its customers cannot currently access, including Zelle, expanded lending products and deeper control over payment infrastructure.
Mercury confirmed the round in a statement issued via the BusinessWire newswire on 20 May 2026. The raise follows the conditional OCC approval Mercury announced on 27 April 2026, which moved it into the bank organisation phase.
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