Mercury

Mercury is a San Francisco-based fintech company founded in 2017 by Immad Akhund, Max Tagher and Jason Zhang. It provides banking-adjacent business accounts, corporate charge cards, venture debt, bill pay and spend-management software to startups and small businesses, and in 2024 expanded into personal banking products for individual customers. As of its May 2026 funding announcement, Mercury said it worked with more than 300,000 customers, including roughly one in three U.S. startups. Because Mercury itself is not a chartered bank, its account and card products have historically been delivered through partner banks.

The company has raised capital across a $6 million seed round in 2017, a $20 million Series A in September 2019 led by CRV, a $120 million Series B in 2021 led by Coatue at roughly a $1.62 billion valuation, a $300 million Series C in March 2025 led by Sequoia Capital at a $3.5 billion valuation, and a $200 million Series D in May 2026 led by TCV at a $5.2 billion valuation — a 49% increase over the Series C valuation set just 14 months earlier. Mercury reported $650 million in annualized revenue and four consecutive years of profitability at the time of the Series D, crediting in part an AI-driven surge in new business formation among its startup customers.

Mercury's banking products have been delivered through partner banks rather than a charter of its own; the company disclosed in 2024 that partner bank Evolve Bank & Trust suffered a ransomware-linked data breach, and announced in March 2025 that it was ending its relationship with Evolve and migrating customer accounts to Column N.A. and Choice Financial Group. In April 2026, Mercury received conditional approval from the Office of the Comptroller of the Currency to charter Mercury Bank, N.A., which would let it offer certain services directly as a nationally chartered bank rather than solely through partners.

Immad Akhund remains Co-Founder and Chief Executive Officer, Jason Zhang serves as Co-Founder and Chief Operating Officer, and Max Tagher serves as Co-Founder and Chief Technology Officer. Akhund has said he does not plan to raise another private funding round following the Series D. As of September 2026, Mercury has not filed for an initial public offering or announced a specific public-listing timeline; its pursuit of a national bank charter has been read by industry observers as a step that could precede an eventual IPO, but the company has not confirmed that connection.