Overview
- Mercury announced the $200 million Series D on Wednesday, May 20, led by TCV with participation from Sequoia, Andreessen Horowitz, Coatue and other returning investors.
- The company holds conditional approval from the Office of the Comptroller of the Currency to form Mercury Bank and says it is building controls with a target for final charter approval in 2027.
- Mercury reported four straight years of profitability, about $650 million in annualized revenue and a customer base of more than 300,000 companies, including roughly one in three U.S. startups.
- Company plans include new AI-driven tools such as a conversational finance interface called Mercury Command and expanded banking features that would add loans and Zelle access once the charter is finalized.
- The move reflects a wider industry shift away from reliance on sponsor banks after failures like Synapse and Silicon Valley Bank, and it could give fast-moving founders direct access to banking services as AI lowers the barrier to starting companies.