Mercury Valuation 2026: $5.2B, $650M Revenue and a Bank Charter in Progress

Mercury is valued at $5.2 billion after a $200 million Series D led by TCV, announced on May 20, 2026. The startup bank reported $650 million of annualized revenue as of Q3 2025 and says it has been GAAP-profitable for four straight years, so its latest round was raised from a position of profit rather than need.

That combination matters for anyone pricing the company. Brex, valued at $12.3 billion in January 2022 per Crowdfund Insider, agreed in 2026 to sell for $5.15 billion, while Mercury raised its price in each of its last two rounds. Its next big change is regulatory rather than financial: Mercury is working through approvals to run its own national bank instead of relying on partner banks. All figures below are as of October 2026 and link to the document they come from.

Mercury Valuation 2026: The Short Answer

Mercury's valuation is $5.2 billion, set by a $200 million Series D on May 20, 2026. TCV led the round, and Andreessen Horowitz, Coatue, CRV, Sapphire Ventures, Sequoia Capital and Spark Capital returned, per Mercury's announcement. No newer priced round had been announced as of October 2026.

The price was set by a growth-stage lead rather than by the early backers alone: TCV is new to the cap table, while every other named investor had already backed Mercury. Mercury does not publish financial statements, so the round's price is the main outside check on what the business is worth.

How Has Mercury's Valuation Changed by Round?

Mercury's price has risen at every disclosed step since 2021. Its $120 million Series B in 2021 valued it at $1.62 billion post-money, and its $300 million Series C in March 2025, which mixed primary and secondary shares, more than doubled that to $3.5 billion, TechCrunch reported. Sequoia led that round with Coatue, CRV and Andreessen Horowitz, and Spark Capital and Marathon joined as new investors.

Sources: TechCrunch (Mar 2025), Mercury (May 2026), Mercury annual letter (Feb 2026). The multiple divides a May 2026 valuation by a September 2025 run rate, so it overstates the multiple on current revenue.

How Much Revenue Does Mercury Make?

Mercury hit $650 million in annualized revenue as of September 2025, it said in its 2025 annual letter, published February 5, 2026.

For comparison, Mercury booked $500 million of revenue in calendar 2024, TechCrunch reported at the Series C. A full-year number and a run rate are not the same measure, so the jump from $500 million to $650 million is a rough guide to growth, not a precise rate. Mercury had not disclosed a 2026 revenue figure as of mid-October 2026.

How Many Customers Does Mercury Have?

Mercury had more than 300,000 customers as of May 2026, which it describes as "one in three U.S. startups," up from more than 200,000 at the March 2025 Series C. Its 2025 annual letter put customer growth at 50% year over year and 2025 transaction volume at $248 billion, up 59% from $156 billion in 2024. Net Promoter Score was 73.8, against a banking-industry average of 34 by Mercury's measure.

The customer mix is moving away from the venture-backed startups Mercury is known for. By the end of 2025, 73% of new customers came from outside the AI and tech startup category, and ecommerce businesses made up 21% of new customers, the letter said, even as Mercury onboarded 2.4x more AI companies than the year before. The Series D post added a 2.5x increase in applications in Q1 2026 versus Q1 2025. All of these are company-reported, unaudited figures.

Is Mercury Profitable?

Yes, on both GAAP and EBITDA measures, according to the company. The Series D post claims "4 years" of consecutive GAAP net income and EBITDA profitability, and the February 2026 letter described three consecutive years of GAAP profitability through 2025. When it raised its Series C, Mercury told TechCrunch it had 10 consecutive profitable quarters on both measures. What Mercury has never published is the size of that profit, so a margin cannot be calculated from public sources.

Profitability changes how to read the 2026 round. A $200 million raise is small next to a $650 million revenue run rate, and a company already earning money does not need it to survive. One read on this: the Series D was as much about pricing employee equity and adding a growth-stage lead before the bank build-out as about cash.

How Does Mercury Make Money?

Mercury does not break out revenue by line, so the mix below is inferred from its published products and prices rather than disclosed. Its pricing page lists a free core account with "no monthly fees, overdraft penalties, or minimum balances," plus paid tiers, Mercury Plus at $29.90 a month and Mercury Pro at $299 a month, with an annual-pricing option at 15% off. Domestic wires are free, non-USD international wires carry a 1% currency exchange fee, the IO credit card pays 1.5% cashback, and Treasury offers a yield of up to 4.05% for customers with a $250,000 Mercury balance.

• Deposits: customer balances sit with partner banks; a share of the interest earned on them is the most likely large revenue line for any startup bank (our inference; Mercury does not disclose it).
• Card interchange: the merchant fee on IO card spend, part of which funds the 1.5% cashback.
• Subscriptions: Plus and Pro plans, and the Mercury Books accounting add-on listed at $35 a month (fee waived until December 31, 2026).
• FX and treasury: the 1% conversion fee on non-USD wires and the spread on managed treasury balances.

If deposit income is the main line, Mercury's revenue is exposed to interest rates in a way a software company's is not: lower rates shrink the spread even when customer count grows. That is the main risk inside the $650 million figure.

What Does the Mercury Bank Charter Change?

Mercury applied for a national bank charter on December 19, 2025, and the Office of the Comptroller of the Currency granted conditional approval on April 28, 2026, Banking Dive reported. Today its accounts run through partners including Choice Financial Group and Column National Association, with Patriot Bank as a card issuer. In September 2026 the FDIC gave conditional approval for deposit insurance, more than 260 days after Mercury applied, per Banking Dive (Sept. 10, 2026). Mercury Bank N.A., headquartered in Salt Lake City, must put in $300 million of initial paid-in capital to open, and the Federal Reserve still has to approve the holding company application. The bank is projected to open in 2027.

A charter would let Mercury hold deposits itself rather than share economics with partner banks, which makes the charter mainly a margin story on our read. It also brings bank-level capital, compliance and examination costs. That $300 million capital requirement alone is larger than the $200 million Series D, which is one reason the profit record matters more here than it would for a pure software company.

Mercury vs Brex vs Ramp: How the Valuations Compare

The closest public reference points sit on either side of Mercury. In January 2026 Capital One agreed to buy Brex in a stock-and-cash deal valued at $5.15 billion, per Capital One's filing with the SEC. On October 15, 2026, Ramp announced a $60 billion valuation and said it passed $2 billion in annualized revenue over the summer with positive cash flow, serving 85,000 businesses.

On Value Add VC's arithmetic, Ramp is priced at about 30x its run rate and Mercury at about 8x, a gap that reflects Ramp's faster growth and software-heavy revenue more than any difference in profitability. For a product-level comparison, see Mercury vs Brex in 2026 and our startup bank account ranking.

Is Mercury Overvalued or Cheap at $5.2 Billion?

On revenue multiples, Mercury sits in the middle of 2026's range for fintech and software. At the low end, two mature software companies growing around 20% a year or less sold for under 3x ARR in 2026; Bending Spoons paid about 2.7x for Airtable, as covered in our Airtable valuation breakdown. At the high end, Ramp's new mark prices fast growth with positive cash flow at roughly 30x. Mercury's roughly 8x reflects a company that is profitable and still growing customers by about half each year, but whose revenue depends partly on interest rates.

Two things could re-rate it. A successful bank launch would let Mercury keep more of each deposit dollar, which investors would likely value above partner-bank revenue. A sustained fall in rates would do the opposite, shrinking deposit income while costs rise to meet bank capital and compliance rules. Neither is priced precisely into a private round, which is why the next disclosed revenue figure matters more than the next funding announcement. This is Value Add VC's analysis, not company guidance.

What the headline misses

The $650 million figure is more than a year old relative to this writing, and Mercury chose when to disclose it. The profit claim is company-reported, without a dollar figure or audited statements behind it. The bank charter is conditional: the Federal Reserve approval and the $300 million capital requirement are still ahead, and a bank opening in 2027 will change the cost base before it changes revenue. Anyone using $5.2 billion as a comparable should also note that it was set by a small round relative to the company's size, which tends to give one lead investor a large say in the price.

The Bottom Line

Mercury is a $5.2 billion, profitable startup bank with a disclosed $650 million revenue run rate and more than 300,000 customers. Its valuation multiple is modest next to Ramp's and its trajectory is the opposite of Brex's. The next number that will move the valuation is not a funding round but whether Mercury Bank opens on schedule and how much deposit income it keeps once it does. Track new rounds as they happen on the funding tracker.