Fintech firm Mercury hits $5.2 billion valuation after funding round, up 49% in 14 months

Key points

• Mercury, a fintech firm that provides banking services to startups, has raised $200 million in funding at a $5.2 billion valuation, CNBC has learned exclusively.
• That valuation is 49% higher than the San Francisco-based company's previous funding round just 14 months ago, bucking the downturn facing much of the fintech sector.
• The Series D round was led by venture firm TCV — backer of other well-known fintech firms, including Revolut and Nubank — and included existing investors Sequoia Capital, Andreessen Horowitz and Coatue, Mercury CEO Immad Akhund told CNBC.
• Mercury has emerged in recent years as one of a select group of fintech firms, like the larger payments startups Ramp and Stripe, that have continued to thrive after the collapse of the inflated valuations of the pandemic era.
• Mercury, with more than 300,000 customers, including a third of early-stage startups, has been profitable for the past four years and hit...