- Companies
- Mercury
Mercury Revenue, Valuation, Funding & Investors
Mercury is valued at $5.2B as of May 2026, a 8.0x multiple on its last reported $650M revenue.
Last Mercury valuation
$5.2B
Series D · May 2026
Last Mercury funding round
$200M
Series D · May 2026
Mercury revenue
$650M
Series D · May 2026
Key investors in Mercury
Andreessen Horowitz
CRV
Coatue
Sequoia Capital
Spark Capital
Sapphire Ventures
About Mercury
Mercury is a financial technology company delivering digital banking for startups and tech firms. It provides checking and savings accounts, debit cards, wire transfers, ACH payments, and treasury management through a web and mobile app. San Francisco-headquartered Mercury integrates with QuickBooks, Xero, and Stripe for automated bookkeeping and offers FDIC insurance up to $5 million via partner banks like Evolve Bank & Trust. Launched in 2017, Mercury serves venture-backed companies with API-driven tools for programmable finance and embedded banking.
Founded
2017
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$650M (May 2026)
Valuation
$5.2B (May 2026)
Mercury Valuation
Mercury is currently valued at $5.2B, based on its Series D in May 2026.
The $200M round was led by TCV, with participation from Spark Capital, Andreessen Horowitz, Sequoia Capital, Sapphire Ventures, Coatue and 1 other investor.
Mercury's valuation has grown 52x from $100M at its Series A in September 2019 to $5.2B in May 2026, across 4 priced rounds.
Mercury valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| May 2026 | Series D | $5.2B | 8.0x |
| Mar 2025 | Series C | $3.5B | 7.0x |
| Jul 2021 | Series B | $1.6B | 2.5x |
| Sep 2019 | Series A | $100M | - |
Mercury Revenue
Mercury's latest recorded revenue is $650M, as of its Series D in May 2026. At a $5.2B valuation, that implies a 8.0x revenue multiple.
Revenue moved from $650M in July 2021 to $650M in May 2026, while the revenue multiple moved from 2.5x to 8.0x.
Mercury revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| May 2026 | $650M | $5.2B | 8.0x | Series D |
| Mar 2025 | $500M | $3.5B | 7.0x | Series C |
| Jul 2021 | $650M | $1.6B | 2.5x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Mercury Funding History
Mercury has raised a total of $652M across 7 funding rounds.
Mercury's first fundraising round was a $5M seed round in October 2017. The most recent completed round was a $200M Series D in May 2026.
Mercury funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2026 | Series D | TCV (lead); Spark Capital; Andreessen Horowitz; Sequoia Capital; Sapphire Ventures; Coatue; CRV | $200M | $5.2B | Mercury raised $200 million in a Series D on May 20, 2026 at a $5.2 billion post-money valuation, with TCV as lead investor and participation from Andreessen Horowitz alongside Coatue, CRV, Sapphire Ventures, Sequoia Capital, and Spark Capital. The round was a primary financing and added to Mercury’s prior venture funding base, which had reached roughly $700 million in total primary and secondary funding after this round. The financing extends Mercury’s position as a startup-focused banking and financial software provider while backing continued growth in a market where AI-driven company formation has supported demand for modern banking infrastructure. The company said the Series D was intended to support further expansion, and the investor roster signals continued support from existing backers, including Andreessen Horowitz, which had backed Mercury since its seed round. Mercury is a technology company offering banking and financial tools for startups and small businesses. It was founded in 2017 and has raised multiple rounds since then, including a $300 million Series C in 2025. The company’s disclosed funding history includes both primary and secondary capital, and its investor base has included Andreessen Horowitz, Sequoia Capital, Coatue, CRV, Sapphire Ventures, and Spark Capital. |
| Dec 2025 | Series C | Sahin Boydas | - | - | - |
| Mar 2025 | Series C | Sequoia Capital (lead); Spark Capital; Andreessen Horowitz; Flex Capital; Coatue; Harmony Partners; CRV; Seven Rivers Capital LTD; Marathon Management Partners | $300M | $3.5B | Mercury is a San Francisco-based fintech providing digital banking, credit cards, and financial software tailored for startups, SMBs, venture firms, and e-commerce businesses, serving over 200,000 customers including Linear, Phantom, ElevenLabs, Cocolab, and Bogey Bros. The company raised $300 million in a Series C round on March 26, 2025, led by Sequoia Capital with participation from Coatue, CRV, Andreessen Horowitz, Spark Capital, Marathon Management Partners, and others including Flex Capital, Harmony Partners, and Seven Rivers Capital LTD as potentially matching the full investor list. This mixed primary and secondary round achieved a $3.5 billion post-money valuation, more than double the $1.62 billion from its 2021 Series B, bringing total funding to around $500 million. Mercury reported $500 million in revenue for 2024, with payment volume reaching $156 billion (up 64% YoY) and 40% YoY customer growth. The company achieved 10 consecutive quarters of profitability on both EBITDA and GAAP net income as of the round, later extending to three years of GAAP profitability by late 2025. It handled the 2023 SVB collapse effectively, retaining 95% of $2 billion in shifted deposits, which drew Sequoia’s investment. Post-round, Mercury hit $650 million in annualized revenue (monthly revenue x12) by Q3 2025 end, maintaining 40% customer growth. Funds will support product innovation, potential acquisitions, hiring, and expansion beyond startups to compete with legacy banks, Brex, and Ramp, while enhancing risk/compliance (20% of staff). CEO Immad Akhund emphasized long-term flexibility; the firm recently ended its Evolve Bank partnership, migrating customers. |
| Jul 2021 | Series B | Coatue (lead); Christian Edler; Sahin Boydas; Keith Grose; Toy Ventures; Angel Collective Opportunity Fund; Terrence Rohan; Andreessen Horowitz; Sapphire Ventures; Vetamer; CRV; Arman Assadi | $120M | $1.6B | Mercury is a San Francisco-based fintech company founded in 2019 that provides banking and software services tailored for startups and small to medium-sized enterprises (SMEs), including FDIC-insured accounts, physical and virtual cards, wires, ACH, checks, cash management, API integrations, cashflow analytics, programmatic payments, and instant runway estimates. The company serves customers in over 200 countries and had reached 40,000 businesses using its platform by mid-2021, holding $4 billion in customer deposits and employing 150 people across 14 cities. Revenue is generated through interchange fees on debit card usage and returns on Treasury deposits. On July 29, 2021, Mercury announced a $120 million Series B funding round led by Coatue, with participation from Andreessen Horowitz, CRV, Sapphire Ventures, and individual investors including Arman Assadi, Christian Edler, Keith Grose, Sahin Boydas, Terrence Rohan, achieving a post-money valuation of $1.62 billion and unicorn status. The round included a $5 million allocation for unaccredited investors via Wefunder under Regulation Crowdfunding. This funding followed prior rounds: a $4.9 million seed in 2017, $6 million seed in 2019 led by Andreessen Horowitz, and $21.3 million Series A in 2019 led by CRV. Mercury plans to use the proceeds to expand its team beyond 150 employees and develop additional products to help small businesses scale, aiming to make banking more efficient and magical for startups powering the next generation of American industry. Subsequent developments include a Series C in 2025 raising additional capital at a higher valuation, but the 2021 Series B marked a key milestone in its growth. |
| Sep 2019 | Series A | CRV (lead) | $21M | $100M | Mercury is a San Francisco-based fintech company providing digital banking services tailored for startups and small businesses, offering integrated banking solutions as an alternative to traditional banks. Launched in April 2019, it quickly gained traction with 1,500 signups in its first week and 40% month-over-month growth. This followed seed rounds: $4.9 million in October 2017 for initial product development and $6 million in January 2019 led by Andreessen Horowitz for expansion. The Series A round in September 2019 raised approximately $20-21.3 million led by CRV, with participation from Andreessen Horowitz (prior seed lead), Dreamers Fund, Thirty Five Ventures, Serena Ventures, and others including celebrity investors like Will Smith, Kevin Durant, Nick Jonas, and Phil McIntyre. The post-money valuation reached $100 million. Funds were intended to accelerate growth, enhance platform features, and build out the full tech banking stack including baseline banking capabilities. Mercury positioned itself to compete in the startup banking space by focusing on tech-native features unmet by legacy banks. Subsequent rounds included a $120 million Series B in 2021 led by Coatue at around $1.6-1.76 billion valuation, reaching unicorn status, and a $300 million Series C in March 2025 led by Sequoia at $3.5 billion valuation, with total funding exceeding $450 million. By September 2025, annualized revenue reached $650 million. |
| Jan 2019 | Seed | Andreessen Horowitz (lead); Chapter One; Early Impact Ventures; Coelius Capital | $6M | - | - |
| Oct 2017 | Seed | CSC Upshot; SV Angel; Liquid 2 Ventures; Quiet Capital; NextGen Venture Partners | $5M | - | - |
Who has invested in Mercury?
27 investors have backed Mercury across its funding rounds, including Andreessen Horowitz, CRV, Coatue, Sequoia Capital, Spark Capital and Sapphire Ventures.
Lead investors include TCV, Sequoia Capital, Coatue, CRV and Andreessen Horowitz.
Mercury Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Jan 2019 | ||
| 4 | Lead | Sep 2019 | ||
| 3 | Lead | Jul 2021 | ||
| 2 | Participant | Mar 2025 | ||
| 2 | Participant | Jul 2021 | ||
| 2 | Lead | Mar 2025 | ||
| 2 | Participant | Jul 2021 | ||
| 1 | Participant | Oct 2017 | ||
| 1 | Participant | Jan 2019 | ||
| 1 | Participant | Jul 2021 | ||
| 1 | Participant | Oct 2017 | ||
| 1 | Participant | Oct 2017 | ||
| 1 | Participant | Jul 2021 | ||
This data is available for Pro users. Sign up to see all 27 Mercury investors. Start Free Trial | ||||
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Start Free TrialAcquisitions by Mercury
Mercury has acquired 2 companies to date.
Last acquisition by Mercury was on April 1st 2026. Mercury acquired Central for undisclosed valuation.
Latest Acquisitions by Mercury
| Description | Central is a San Francisco-based HR platform that automates payroll, hiring, benefits administration, and compliance for startups. It integrates with tools like QuickBooks and Gusto to handle U.S. payroll across all 50 states, international contractor payments in 120 countries, and equity management, serving over 5,000 venture-backed companies. | Teal is an embedded finance platform enabling SaaS companies to integrate invoicing, payments, and bookkeeping APIs for small business clients. New York-based, it powers accounting features in tools like Shopify and QuickBooks alternatives without redirecting users. |
| HQ Country | ||
| HQ City | San Francisco, CA | Vancouver |
| Deal Date | 1 Apr 2026 | 6 Sep 2024 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Mercury acquisitions and their M&A valuation multiples. Start Free Trial | ||
Mercury Competitors
Mercury competitors include listed companies like Kakao Pay and Paytm, and private ones like MTN Group Fintech, OnePay, Naver Financial Corp. and CloudWalk.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $83M | - | $5.3B | 63.5x | ||
| Publicly listed | $698M | $58M | $3.9B | 4.7x | ||
| Private | - | - | $2.5B | - | ||
| Publicly listed | $854M | $41M | $12B | 11.8x | ||
| Private | - | - | $2.3B | - | ||
| Private | - | - | $2.1B | - |
Mercury Public Comps
Mercury is still privately-owned, but its public comps include Klarna, Nexi, Paymentus, Dave, NOBA Bank, GMO Payment Gateway, dLocal, Banco Invex, Kakao Pay and Rakuten Bank.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $3.5B | $551M | 1.5x | 1.3x | 9.6x | 27.5x | |||
| $7.2B | ($2.3B) | 0.6x | 1.0x | (1.9x) | 2.0x | |||
| $1.2B | $117M | 3.5x | 3.0x | 35.8x | 24.8x | |||
| $554M | $181M | 8.2x | 6.7x | 25.2x | 15.5x | |||
| $1.2B | - | 3.9x | 3.6x | - | - | |||
| $530M | $229M | 6.4x | 5.6x | 14.7x | 12.5x | |||
| $1.1B | $229M | 3.1x | 2.3x | 14.6x | 10.7x | |||
| $424M | - | 9.4x | 124.1x | - | - | |||
This data is available for Pro users. Sign up to see all Mercury competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Mercury
| When was Mercury founded? | Mercury was founded in 2017. |
| Where is Mercury headquartered? | Mercury is headquartered in San Francisco, CA, United States. |
| Is Mercury publicly listed? | No, Mercury is a private, VC-backed company. |
| What is Mercury's valuation? | Mercury was last valued at $5.2B in its Series D in May 2026. |
| How much funding has Mercury raised? | Mercury has raised $652M across 7 funding rounds. |
| What was Mercury's last funding round? | Mercury's last funding round was a $200M Series D in May 2026, led by TCV. |
| Who are Mercury's investors? | Mercury's investors include Andreessen Horowitz, CRV, Coatue, Spark Capital, Sahin Boydas, Sequoia Capital, Sapphire Ventures, CSC Upshot, Chapter One, Christian Edler and 17 others. |
| What is Mercury's revenue? | Mercury's latest recorded revenue is $650M (May 2026). |
| What is Mercury's revenue multiple? | Mercury's latest valuation implies a 8.0x revenue multiple ($5.2B valuation on $650M of revenue). |
| Which companies are comparable to Mercury? | Companies comparable to Mercury include MTN Group Fintech, Kakao Pay, OnePay, Paytm, Naver Financial Corp. and CloudWalk. |
| How many companies has Mercury acquired? | Mercury has acquired 2 companies, including Central and Teal. |
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