TechFlow reports that on May 20, Mercury, a fintech company providing banking services to startups, closed its $200 million Series D funding round, achieving a valuation of $5.2 billion—up 49% from its previous round 14 months ago. The round was led by TCV, with participation from Sequoia Capital, Andreessen Horowitz, and Coatue.
Mercury has previously received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to become a federally regulated bank, enabling it to expand its lending business, integrate with Zelle, and reduce reliance on partner banks. Mercury stated that it has achieved profitability for four consecutive years, with annualized revenue reaching $650 million.
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