Mercury revenue and valuation
Specter estimates Mercury's annual revenue at $830M to $1.2B and its valuation at $4.45B to $6.54B. The company last reported $1B revenue in October 2026 and was priced at $5.2B in May 2026.
- Estimated revenue
- $830M–$1.2B
- Estimated valuation
- $4.45B–$6.54B
- Reported revenue
- $1B
- Total funding
- $657M
- Founded
- 2017
- Headquarters
- San Francisco, United States
- Employees
- 1,819
Mercury revenue
Mercury grew from $650M revenue in November 2025 to $1B in October 2026. Specter's model puts current revenue between $830M and $1.2B, anchored to two reported figures.
Monthly data
| Month | Specter estimate | Low | High | Reported revenue |
|---|---|---|---|---|
| $1B | $830M | $1.2B | $1B | |
| $960M | $480M | $1.92B | ||
| $920M | $570M | $1.51B | ||
| $890M | $570M | $1.38B | ||
| $860M | $570M | $1.28B | ||
| $820M | $570M | $1.2B | ||
| $790M | $540M | $1.15B | ||
| $760M | $570M | $1.02B | ||
| $730M | $560M | $950M | ||
| $700M | $550M | $890M | ||
| $680M | $550M | $830M | ||
| $650M | $540M | $780M | $650M | |
| $480M | $260M | $710M | ||
| $480M | $270M | $700M | ||
| $490M | $280M | $700M | ||
| $400M | $198M | $600M | ||
| $490M | $270M | $700M | ||
| $380M | $129M | $630M | ||
| $350M | $133M | $580M | ||
| $450M | $200M | $690M | ||
| $270M | $124M | $420M | ||
| $230M | $116M | $350M | ||
| $220M | $116M | $320M | ||
| $240M | $115M | $370M | ||
| $210M | $115M | $310M | ||
| $230M | $113M | $350M | ||
| $230M | $107M | $360M | ||
| $210M | $104M | $320M | ||
| $210M | $111M | $310M |
| Date | Reported revenue | Source |
|---|---|---|
| $1B | ||
| $650M |
Mercury valuation
Mercury's valuation rose from $100M at its Series A in September 2019 to $5.2B at its Series D in May 2026. Specter's live estimate sits between $4.45B and $6.54B.
Monthly data
| Month | Specter estimate | Low | High | Reported valuation |
|---|---|---|---|---|
| $5.4B | $4.45B | $6.54B | ||
| $5.15B | $4.24B | $6.25B | ||
| $5.07B | $4.22B | $6.1B | ||
| $5.06B | $4.21B | $6.09B | ||
| $5.2B | $4.33B | $6.25B | $5.2B (press) | |
| $5.2B | $4.33B | $6.25B | $5.2B (round) | |
| $4.98B | $3.6B | $6.87B | ||
| $4.76B | $3.58B | $6.33B | ||
| $4.56B | $3.47B | $5.98B | ||
| $4.36B | $3.33B | $5.7B | ||
| $4.17B | $3.32B | $5.25B | ||
| $3.99B | $3.2B | $4.98B | ||
| $3.82B | $3.09B | $4.73B | ||
| $3.66B | $3.01B | $4.44B | ||
| $3.5B | $2.91B | $4.21B | $3.5B (press) | |
| $3.5B | $2.88B | $4.26B | ||
| $3.5B | $2.91B | $4.21B | ||
| $3.5B | $2.91B | $4.21B | $3.5B (press) | |
| $3.5B | $2.9B | $4.22B | ||
| $3.5B | $2.91B | $4.21B | $3.5B (round) | |
| $2.72B | $1.68B | $3.73B | ||
| $2.49B | $1.72B | $4.05B | ||
| $2.56B | $1.76B | $3.99B | ||
| $2.83B | $1.89B | $3.95B | ||
| $2.43B | $1.67B | $3.84B | ||
| $2.46B | $1.8B | $4.17B | ||
| $2.26B | $1.81B | $3.75B | ||
| $2.16B | $1.55B | $3.18B | ||
| $2.99B | $2.07B | $4.31B |
Mercury funding rounds
| Date | Round | Raised | Post-money valuation | Lead investors |
|---|---|---|---|---|
| Series D | $200M | $5.2B | TCV | |
| Series C | $300M | $3.5B | Sequoia Capital | |
| Secondary | Undisclosed | Undisclosed | Undisclosed | |
| Venture round | Undisclosed | Undisclosed | Undisclosed | |
| Secondary | Undisclosed | Undisclosed | Undisclosed | |
| Equity crowdfunding | $4.91M | Undisclosed | Undisclosed | |
| Series B | $120M | $1.62B | Coatue | |
| Equity crowdfunding | Undisclosed | Undisclosed | Undisclosed | |
| Series A | $21.3M | $100M | CRV | |
| Seed | $6M | Undisclosed | Andreessen Horowitz | |
| Seed | $4.93M | Undisclosed | Undisclosed |
Mercury competitors
The business banking market splits between high-growth startup finance and freelance banking tools.
| Company | Revenue | Valuation |
|---|---|---|
| $830M–$1.2B | $4.45B–$6.54B | |
| $700M–$1.29B | $8.36B–$12.1B | |
| $1.66B–$2.4B | $51.4B–$74.4B | |
| $32M–$141M | $340M–$1.27B | |
| $450M–$650M | $1.19B–$2.02B |
Mercury revenue and valuation FAQ
What is Mercury's revenue?
Specter estimates Mercury's annual revenue at $830M to $1.2B as of October 2026. Mercury last reported $1B revenue in October 2026, up from $650M in November 2025.
What is Mercury's valuation?
Mercury's latest post-money valuation is $5.2B, from a May 2026 Series D. Specter's live estimate is $4.45B to $6.54B.
What is Mercury's revenue multiple?
Mercury is valued at about 5.2× revenue, based on its $5.2B May 2026 valuation and $1B last reported revenue. That works out to roughly $550K of revenue per employee.
How much funding has Mercury raised?
$657M across 11 rounds, from a $4.93M Seed in October 2017 to a $200M Series D in May 2026.
Who invested in Mercury?
70 investors, including Andreessen Horowitz, Coatue, CRV, Sequoia Capital and TCV.
Who are Mercury's competitors?
Brex, Ramp, Rho and Slash. Specter ranks 30 competitors for Mercury.