Scoop: Mercury in talks to raise at over $5B valuation

Mercury, the fintech that made its name banking startups, is in late-stage talks to raise new capital that will value it over $5 billion, Axios has learned from multiple sources.

• It was valued at $3.5 billion a year ago.

Zoom in: Mercury has chosen a lead investor but has yet to land on exact valuation or round size.

• Mercury has expanded increasingly into small businesses and personal banking after getting its start banking venture-backed businesses.
• The company has also begun competing with Brex and Ramp in bill pay, and spend management software.
• Mercury said in 2025 that it had hit $650 million in annualized revenue and its third year of profitability.

The big picture: The landscape for the so-called CFO suite is being remade by dealmaking.

• Mercury today acquired Central, a payroll and benefits service, while Ramp acquired guest travel platform Juno last month.
• That comes after Capital One agreed to buy expense management company Brex for $5.2 billion in January.

What they're saying: "We believe your bank account should do more than hold your money. It should power everything your company does with money," Mercury CEO Immad Akhund wrote in a Thursday blog announcing the Central deal.