Digital banking platform Mercury secured $200 million in Series D funding at a $5.2 billion valuation, marking a 49% jump from its previous round just months ago. TCV led the investment with participation from existing backers including Andreessen Horowitz and Sequoia Capital. The San Francisco-based company has now raised roughly $700 million since launching in 2017.

Mercury serves over 300,000 business customers ranging from startups to established companies like Supabase and Linear. The fintech differentiates itself by pursuing its own banking charter from the OCC, unlike most competitors that partner with traditional banks. Mercury reported $650 million in annualized revenue for the third quarter while maintaining four straight years of profitability on both GAAP and EBITDA bases.

CEO Immad Akhund attributes the company's momentum to AI accelerating company formation, stating banking infrastructure should enable business success rather than merely store money. This funding comes as global fintech investment reached $53.8 billion in 2025, a 29% increase from the previous year, suggesting renewed investor confidence in the sector's growth prospects.