Coatue Management has led a Series B investment in Mercury, a banking service for other startups, at a valuation of about $1.6 billion including the new capital, according to two people familiar with the deal. The valuation is more than 16 times higher than when Mercury raised money in 2019, reflecting the scorching market for fintech investments.
Similar to the larger Brex, San Francisco–based Mercury provides business banking services, such as virtual debit cards and software to connect bank accounts to payment processors. The new investment of more than $100 million adds to Coatue’s widening portfolio of fintech bets, including business-to-business payments startup Melio and corporate card startup Ramp.
