Mercury Raises $120M Series D at $5B Valuation to Build Full Treasury Stack for Startups

Mercury, the banking platform for startups, closed a $120 million Series D at a $5 billion valuation led by Sequoia Capital with participation from a]e Ventures and Coatue. The round values Mercury at roughly 3x its March 2024 Series C valuation of $1.6 billion.

The capital will fund Mercury's expansion from a checking/savings product into a full corporate treasury platform. New products launching this quarter include automated bill pay with three-way matching, corporate cards with real-time budget enforcement, and investment sweep accounts yielding 4.8% APY.

Mercury now holds $25 billion in customer deposits across 200,000+ accounts, up from $14 billion in early 2025. The company generates revenue from interchange, Treasury yield spread, and a recently launched credit product offering revolving lines to portfolio companies.

"Every venture-backed company between seed and Series C should be running their entire financial operations through Mercury," said Immad Akhund, co-founder and CEO. "We are building the JP Morgan for startups — treasury, payments, credit, and eventually capital markets, all in one platform."

The round makes Mercury one of the highest-valued private fintechs alongside Stripe, Plaid, and Checkout.com. Competitors Brex and Ramp have also raised aggressively, setting up a three-way battle for the startup treasury market.