← Embedded Finance Index 2026

Mercury Financial

“Can a partner-bank fintech graduate into a chartered national bank and become the financial OS for venture-backed and SMB companies?”

Founded2017
HQSan Francisco, California, USA
FoundersImmad Akhund, Max Tagher, Jason Zhang
Total raised~$700M (primary + secondary)
Latest roundSeries D, 2026
Valuation$5.2B (2026)
IndustryFintech / SMB banking
The story

Mercury started in 2019 as a partner-bank business-banking product for YC-era startups, riding the SVB collapse in 2023 to mass adoption. From 2022 onward it broadened beyond deposit accounts into venture debt, corporate cards, treasury yield, working-capital loans for ecommerce, and AI-powered accounting automation — becoming the financial OS for venture-backed and SMB companies. The 2025–2026 arc is the most consequential pivot: filing for and securing conditional OCC approval for its own national bank charter (Mercury Bank, Utah), which would move it off the partner-bank dependence that defined its first eight years.

Last 12 months
2025-03
2025-08
2026-04
2026-05
2025-11
Product timeline
2017
Mercury founded in San Francisco by Immad Akhund, Max Tagher, and Jason Zhang.· founding
2019
Launched business bank accounts via partner-bank model.· banking
2022
Launched venture debt offering (March) and corporate charge card (September).· card
2023
Significant customer and deposit influx following Silicon Valley Bank collapse.· banking
2025
Announced transition away from Evolve Bank & Trust; consolidating on Choice Financial Group, Column N.A., and Patriot Bank.· banking
2025
Filed national bank charter application with OCC in December.· regulatory
2026
OCC conditionally approved Mercury Bank national charter (Utah-headquartered).· regulatory
2026
Closed $200M Series D at $5.2B valuation, led by TCV.· funding
Regulated entities
3
regulatory licences held by Mercury Financial
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
8 layers disclosed in Mercury Financial’s embedded-finance stack
Payments / PSP
ACH (self-operated via partner banks)Domestic wires (self-operated via partner banks)USD international wires (self-operated)Non-USD international wires
Money movement
in the full report
Banking / BaaS
in the full report
Card issuing
in the full report
Lending
in the full report
Sponsor bank
in the full report
Investing
in the full report
Accounting
in the full report
Accounting gap: none
15 more providers across 7 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.