Mercury raises $200 million after OCC bank charter approval

• Key insight: Business banking fintech Mercury raised an additional $200 million in investment shortly after getting conditional approval for a bank charter.
• Expert quote: "Mercury's Series D is consistent with what we're seeing for high-quality, AI-enabled fintechs right now." - PitchBook's Rudy Yang
• Supporting data: Mercury reported $650 million in annualized revenue as of Q3 2025, with 300,000 customers and a 2.5x YoY increase in applications.

Mercury, a fintech that started out by providing financial services to startups and other businesses through a traditional bank partner and now has a bank charter of its own, announced that it has raised $200 million in a Series D round led by TCV.

The fintech is now valued at $5.2 billion, according to the company. The recent round brings total primary and secondary funding for Mercury to approximately $765.4 million, according to Pitchbook data. The fintech previously raised $300 million in its Series C funding round last spring, and was valued at $3.5 billion at the time.

"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 told 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 announced that it received conditional approval last month from the OCC to establish its own banking division, Mercury Bank, with a de novo charter after applying in December 2025. The charter will allow Mercury to incorporate Zelle into its user accounts, expand its lending products for both businesses and individuals and build its own payments infrastructure. The bank's main office will be in Salt Lake City, Utah, separate from the fintech's San Francisco headquarters.

Former SoFi Bank executive Jon Auxier has been slated to serve as CEO and President of Mercury Bank. As SoFi Bank's chief financial officer, he helped lead the implementation of SoFi's national bank charter back in 2022.

"The work now is earning trust by building the bank our customers deserve," Auxier said in a statement at the time. "That means the operational infrastructure and risk management discipline to match the standard Mercury's product has already set."

As Mercury is continuing the charter acquisition process it is still partnered with Choice Financial Group and Column Bank as its sponsor deposit banks, according to a company statement.

In late 2025 Mercury also began offering Mercury Personal, a product built to extend Mercury's services into consumer banking, to individual U.S. applicants.

"We are going to see more founders in the next five years than in the last twenty," said 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."

The company reported $650 million in annualized revenue as of Q3 2025 with around 300,000 customers. Mercury also reported that it has seen a 2.5x increase in applications year-over-year for the first quarter of 2026.

"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."