---
title: "Mercury revenue and valuation"
description: "Mercury's revenue is estimated at $830M–$1.2B, last reported at $1B. Valued at $5.2B after raising $657M. Funding rounds and competitors."
url: https://www.tryspecter.com/revenue-valuation/mercury.md
canonical_url: https://www.tryspecter.com/revenue-valuation/mercury
publisher: Specter
last_updated: 2026-11-01
---

# 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.

Mercury provides business banking, payments, cards, and financial management for startups.

- Estimated revenue: $830M to $1.2B (October 2026)
- Estimated valuation: $4.45B to $6.54B (October 2026)
- Last reported revenue: $1B (October 2026)
- Total funding: $657M
- Founded: 2017
- Headquarters: San Francisco, United States
- Employees: 1,819
- Sector: Fintech
- Specter Rank: #38,228

## 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.

| Reported figure | Date | Source |
| --- | --- | --- |
| $1B revenue | October 2026 | [Mercury CEO Immad Akhund says fintech hit $1B in annualized revenue, up ~50% year over year, has more than 450K customers, and is launching…](https://x.com/None/status/2112379802221162900) (x.com) |
| $650M revenue | November 2025 | [Business banking platform @mercury is a monster.](https://x.com/NikMilanovic/status/1986858422315155854) (x.com) |

| Month | Specter estimate | Low | High |
| --- | --- | --- | --- |
| October 2026 | $1B | $830M | $1.2B |
| September 2026 | $960M | $480M | $1.92B |
| August 2026 | $920M | $570M | $1.51B |
| July 2026 | $890M | $570M | $1.38B |
| June 2026 | $860M | $570M | $1.28B |
| May 2026 | $820M | $570M | $1.2B |
| April 2026 | $790M | $540M | $1.15B |
| March 2026 | $760M | $570M | $1.02B |
| February 2026 | $730M | $560M | $950M |
| January 2026 | $700M | $550M | $890M |
| December 2025 | $680M | $550M | $830M |
| November 2025 | $650M | $540M | $780M |
| October 2025 | $480M | $260M | $710M |
| September 2025 | $480M | $270M | $700M |
| August 2025 | $490M | $280M | $700M |
| July 2025 | $400M | $198M | $600M |
| June 2025 | $490M | $270M | $700M |
| May 2025 | $380M | $129M | $630M |
| April 2025 | $350M | $133M | $580M |
| March 2025 | $450M | $200M | $690M |
| February 2025 | $270M | $124M | $420M |
| January 2025 | $230M | $116M | $350M |
| December 2024 | $220M | $116M | $320M |
| November 2024 | $240M | $115M | $370M |
| October 2024 | $210M | $115M | $310M |
| September 2024 | $230M | $113M | $350M |
| August 2024 | $230M | $107M | $360M |
| July 2024 | $210M | $104M | $320M |
| June 2024 | $210M | $111M | $310M |

## 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.

| Month | Specter estimate | Low | High |
| --- | --- | --- | --- |
| October 2026 | $5.4B | $4.45B | $6.54B |
| September 2026 | $5.15B | $4.24B | $6.25B |
| August 2026 | $5.07B | $4.22B | $6.1B |
| July 2026 | $5.06B | $4.21B | $6.09B |
| June 2026 | $5.2B | $4.33B | $6.25B |
| May 2026 | $5.2B | $4.33B | $6.25B |
| April 2026 | $4.98B | $3.6B | $6.87B |
| March 2026 | $4.76B | $3.58B | $6.33B |
| February 2026 | $4.56B | $3.47B | $5.98B |
| January 2026 | $4.36B | $3.33B | $5.7B |
| December 2025 | $4.17B | $3.32B | $5.25B |
| November 2025 | $3.99B | $3.2B | $4.98B |
| October 2025 | $3.82B | $3.09B | $4.73B |
| September 2025 | $3.66B | $3.01B | $4.44B |
| August 2025 | $3.5B | $2.91B | $4.21B |
| July 2025 | $3.5B | $2.88B | $4.26B |
| June 2025 | $3.5B | $2.91B | $4.21B |
| May 2025 | $3.5B | $2.91B | $4.21B |
| April 2025 | $3.5B | $2.9B | $4.22B |
| March 2025 | $3.5B | $2.91B | $4.21B |
| February 2025 | $2.72B | $1.68B | $3.73B |
| January 2025 | $2.49B | $1.72B | $4.05B |
| December 2024 | $2.56B | $1.76B | $3.99B |
| November 2024 | $2.83B | $1.89B | $3.95B |
| October 2024 | $2.43B | $1.67B | $3.84B |
| September 2024 | $2.46B | $1.8B | $4.17B |
| August 2024 | $2.26B | $1.81B | $3.75B |
| July 2024 | $2.16B | $1.55B | $3.18B |
| June 2024 | $2.99B | $2.07B | $4.31B |

| Reported valuation | Month | Source |
| --- | --- | --- |
| $5.2B | June 2026 | [pymnts.com](https://www.pymnts.com/artificial-intelligence-2/2026/mercury-ceo-says-ai-is-breaking-the-old-startup-model/) |
| $5.2B | May 2026 | Funding round |
| $3.5B | August 2025 | [linkedin.com](https://www.linkedin.com/posts/pablosrugo_startups-founders-venturecapital-activity-7359229020766367745-noF1) |
| $3.5B | May 2025 | [businessinsider.com](https://www.businessinsider.com/investor-immad-akhund-startup-bias-mercury-scale-ai-seed-vc-2025-5) |
| $3.5B | March 2025 | Funding round |
| $1.62B | July 2021 | Funding round |
| $100M | September 2019 | Funding round |

## Mercury funding rounds

| Date | Round | Raised | Post-money | Lead investors |
| --- | --- | --- | --- | --- |
| 20 May 2026 | Series D | $200M | $5.2B | TCV |
| 26 Mar 2025 | Series C | $300M | $3.5B | Sequoia Capital |
| 26 Mar 2025 | Secondary | Undisclosed | Undisclosed | Undisclosed |
| 8 Aug 2022 | Venture round | Undisclosed | Undisclosed | Undisclosed |
| 28 Jul 2022 | Secondary | Undisclosed | Undisclosed | Undisclosed |
| 21 Sep 2021 | Equity crowdfunding | $4.91M | Undisclosed | Undisclosed |
| 29 Jul 2021 | Series B | $120M | $1.62B | Coatue |
| 30 Aug 2020 | Equity crowdfunding | Undisclosed | Undisclosed | Undisclosed |
| 26 Sep 2019 | Series A | $21.3M | $100M | CRV |
| 10 Jan 2019 | Seed | $6M | Undisclosed | Andreessen Horowitz |
| 18 Oct 2017 | Seed | $4.93M | Undisclosed | Undisclosed |

## Mercury vs competitors

The business banking market splits between high-growth startup finance and freelance banking tools.

| Company | Estimated revenue | Estimated valuation |
| --- | --- | --- |
| Mercury | $830M–$1.2B | $4.45B–$6.54B |
| Brex (brex.com) | $700M–$1.29B | $8.36B–$12.1B |
| Ramp (ramp.com) | $1.66B–$2.4B | $51.4B–$74.4B |
| Rho (rho.co) | $32M–$141M | $340M–$1.27B |
| Slash (slash.com) | $450M–$650M | $1.19B–$2.02B |

## Questions

### 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.

## About this data

Specter models revenue and valuation monthly and anchors each estimate to reported figures and priced rounds. Method: https://www.tryspecter.com/revenue-valuation

Cite as: Specter. "Mercury revenue and valuation." tryspecter.com/revenue-valuation/mercury. Updated November 2026.