The AI startup boom has driven corporate account openings, and Mercury has benefited from the era's dividends.

Mercury announces the completion of a $200 million new funding round, led by TCV, with participation from Sequoia, a16z, and Coatue. The company provides banking services for startups, with over 300k customers and an annual revenue of approximately $650 million. The AI startup boom has driven demand for new company accounts, becoming the main growth driver. Mercury received conditional approval from the OCC and plans to apply for a federal banking license to expand loan and payment network access (such as Zelle), reducing reliance on partner banks. The founders stated that their future goal is to go public independently, rather than being acquired.