Mercury company profile: valuation, funding & revenue

This Mercury company profile covers the company's valuation, revenue, funding rounds, investors and history. Mercury works in fintech, with a focus on business banking for startups and small businesses. It was founded in 2017 and is headquartered in San Francisco, California, United States. Its latest valuation on record is US$5.2 billion (May 2026). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.

Revenue

US$650 million in annualized revenue — Annualized revenue (as reported), as of Q3 2025. Source: Retail Banker International (Yahoo Finance).

Funding history

Mercury timeline

Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.

• 2017 — Mercury is founded in San Francisco by Immad Akhund (CEO), Jason Zhang and Max Tagher.
• 2021 — Series B: See source, valuing the company at US$1.6B.
• Mar 2025 — Series C (primary and secondary): US$300M, valuing the company at US$3.5B. Investors: Sequoia Capital (lead).
• May 2026 — Series D: US$200M, valuing the company at US$5.2B. Investors: TCV (lead); Andreessen Horowitz, Coatue, CRV, Sapphire Ventures, Sequoia Capital, Spark Capital.
• May 2026 — Customers: More than 300,000.
• March 2025 — 2024 revenue and profitability: US$500 million revenue in 2024; ten consecutive quarters of profitability on EBITDA and GAAP net income.

Investors

Overview

Mercury provides banking and financial software for startups and small businesses in the United States. Companies open business checking and savings accounts, send payments, issue corporate cards, pay bills and invoices, and, more recently, run payroll and manage personal finances through one app. It became the default bank for a large share of venture-backed startups because it was designed for them from the start: fast online account opening, clean software, and tools that founders actually want.

Immad Akhund, Jason Zhang and Max Tagher founded Mercury in 2017. Akhund, the CEO, had previously founded and sold a video company and has been an active angel investor. Mercury is headquartered in San Francisco and has operated as a fintech that partners with chartered banks to hold customer deposits, while working towards its own bank charter.

How Mercury makes money

Mercury's revenue comes mainly from three sources:

• Interest on deposits: a share of the interest earned on the money customers hold with its partner banks. This rises and falls with interest rates.
• Card interchange: a fee on every purchase made with Mercury's debit and credit cards, paid by merchants.
• Software and services: paid tiers with advanced features, plus treasury, bill pay and other products.

Because so much revenue is tied to interest rates, Mercury benefited when rates rose in 2022 and 2023. Diversifying into cards, software and lending reduces that dependence.

Revenue and profitability

Mercury has shared unusually detailed figures for a private fintech. When it announced its Series C in March 2025, it said it had earned US$500 million in revenue in 2024 and had been profitable for ten consecutive quarters on both an EBITDA and GAAP net income basis. By the third quarter of 2025, it had reached US$650 million in annualized revenue. Akhund said in 2026 that the company had been profitable for four years and had no plan to raise again, which makes its later Series D more of an opportunistic raise than a necessity.

Funding history

• 2021, Series B: valued Mercury at US$1.6 billion.
• March 2025, Series C: US$300 million of primary and secondary funding at a US$3.5 billion post-money valuation, led by Sequoia Capital.
• May 2026, Series D: US$200 million at a US$5.2 billion valuation, led by TCV, with Andreessen Horowitz, Coatue, CRV, Sapphire Ventures, Sequoia Capital and Spark Capital participating. Total primary and secondary funding reached about US$700 million.

The bank charter

In December 2025 Mercury applied to the Office of the Comptroller of the Currency for a national bank charter and to the FDIC for deposit insurance. The OCC has since given conditional approval to set up Mercury Bank, N.A. Becoming a bank would let Mercury hold deposits directly, offer more lending, connect to payment networks such as Zelle and run its own payment infrastructure, rather than depending on partner banks. It also brings heavier regulation and capital requirements. Mercury's interest in a charter followed problems elsewhere in the industry, including the 2024 collapse of banking-as-a-service middleman Synapse, which left some fintech customers temporarily unable to access funds and pushed regulators to tighten oversight of bank-fintech partnerships.

Products and AI

Mercury has added payroll (following its acquisition of Central), personal banking, and AI features. It launched Mercury Insights, a live view of a company's finances, and developer tools that let AI agents access banking data securely, with customer approval required for any action. It has said it plans an AI assistant that can review cash positions or send invoices through plain-language commands.

Competitive landscape

Mercury competes with traditional banks, Silicon Valley Bank (now part of First Citizens), fintechs such as Ramp and Brex in cards and spend management, and small-business banking apps. After SVB's collapse in March 2023, many startups moved deposits to Mercury, which accelerated its growth. Its advantages are product design, a strong brand among founders and investors, and profitability.

What to watch next

Watch the final approval of its bank charter, growth in lending and payroll, sensitivity of revenue to interest rate cuts, new AI products, and any IPO plans.

Key facts at a glance

Mercury is a San Francisco business banking company founded in 2017 by Immad Akhund, Jason Zhang and Max Tagher. It reported US$500 million in 2024 revenue, US$650 million in annualized revenue by Q3 2025, and more than 300,000 customers. It raised a US$300 million Series C at US$3.5 billion in March 2025 and a US$200 million Series D led by TCV at US$5.2 billion in May 2026, and has conditional OCC approval for a national bank charter.

Why startups chose Mercury after SVB

When Silicon Valley Bank failed in March 2023, thousands of startups found their cash temporarily frozen. Many moved quickly to spread deposits across several institutions. Mercury offered a way to do that: it spread customer deposits across multiple partner banks, extending deposit insurance coverage well beyond the standard limit for a single bank. That feature, combined with a product many founders already knew, brought a wave of new customers. It also reminded founders to think about where their cash sits, a topic now common in board meetings.

Interest rate sensitivity

For banks and fintechs that earn money on deposits, falling interest rates mean lower revenue on the same balances. Mercury's profitability through the high-rate years of 2023 and 2024 was helped by that environment. As rates fall, revenue growth has to come more from customer growth, cards and new products. Investors watching Mercury will look at how its revenue mix changes as a result.

What this means if you're…

A founder: when choosing a bank, check deposit insurance coverage, how funds are held, card and payment features, and integrations with your accounting tools.

A fintech founder: Mercury shows that a fintech can be profitable at scale, and why owning a bank charter becomes attractive as you grow.

An investor: look at how much of Mercury's revenue depends on interest rates versus fees and software.

Latest developments (October 2026)

Mercury's May 2026 Series D of US$200 million, led by TCV with Sequoia, Andreessen Horowitz and Coatue, valued it at US$5.2 billion, about 49% higher than its previous round. Chief executive Immad Akhund told CNBC the company has been profitable for four years and reported about US$650 million in annualised revenue. Mercury continues to expand its business banking and spend management products for startups and small businesses.

Sources

Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.

1. Retail Banker International (Yahoo Finance)
2. Business Wire