Brex vs Mercury
Side-by-side equity comparison for employees weighing offers at Brex or Mercury. Valuations, funding history, headcount growth, and secondary-market context.
| Brex | Mercury | |
|---|---|---|
| Latest valuation | $12.3B | $4B |
| Latest round | Series D | Series C |
| Round date | January 2022 | June 2024 |
| Total raised | $1.5B | $213M |
| Founded | 2017 | 2017 |
| Headquarters | San Francisco, CA | San Francisco, CA |
| Employees | 1,772 | 2,814 |
| Employee YoY growth | +21% | -2% |
| Primary industry | Fintech | Fintech |
| Secondary-market price | — | $12.24 |
| Base-case equity multiple | 1x | 1x |
| Upside equity multiple | 2x | 1x |
| Lead investors | Y Combinator, Ribbit Capital | Sequoia Capital, Andreessen Horowitz |
| Status | private | private |
Overview
Brex provides corporate cards, expense management, and spend management software for startups and enterprises, with AI-powered tools for controlling company spending.
Mercury is a financial technology company that provides banking services tailored for startups, including checking and savings accounts, treasury management, and corporate cards.
Why we compare these
Brex and Mercury both appear on Fintech decacorns .
Mercury appears on Sara's List 2024; Brex is a direct competitor we track alongside it.
If you're evaluating offers at either one, the equity math depends on more than the headline valuation — dilution, strike price, time to liquidity, and concentration risk all matter. Use our equity compensation calculator and exit calculator to model your own numbers.