Mercury—a fintech that serves startups, VC firms, and small businesses with banking products and services—announced $650 million in annualized revenue for 2025, up 30% from 2024’s year-end $500 million. Some banks have invested heavily in digital for business customers, betting that more sophisticated self-service will support market share growth. These investments mean that the business digital experience is increasingly a differentiator between banks. But it’s a half measure. This approach to growth is fighting the last war to avoid irrelevance—by catching up to where competitors are today.

The quick-commerce space isn’t totally dead: German startup Flink raised $150 million at a nearly $1 billion valuation, as the company finds success in staying local and partnering with food delivery platform Just Eat Takeaway.

Railsr has become the latest embedded finance firm to raise money, netting $46M.

Europe’s startup slaughterhouse: After pandemic-era fattening, inflation, war, and an energy crisis have triggered a pullback in startup investment. Wintertime natural gas supplies and hiring are key indicators to watch.

The smashed record shows that investors have fully recovered their confidence in the sector and aren’t ready to shut off the tap.