Mercury Raises $200M at $5.2B Valuation, Gets Conditional National Bank Charter — Banks 1 in 3 US Startups

CNBC·high signal

Digital banking startup Mercury closed a $200M Series D led by TCV at a $5.2B valuation (up 49% from $3.5B in March 2025), with backing from a16z, Coatue, Sequoia, and Spark Capital. Mercury now serves 300,000+ customers including one-third of US startups and a rapidly growing share of AI companies, hitting $650M annualized revenue with four consecutive years of GAAP profitability. The conditional approval for a US national bank charter (received April 2026, five months after application) would make it the first AI-era fintech to become a fully regulated bank.