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Mercury Gets $100 Million Credit Warehouse for Corporate Card Business | PYMNTS.com

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Mercury Gets 0 Million Credit Warehouse for Corporate Card Business | PYMNTS.com

FinTech company Mercury secured a $100 million credit warehouse with Natixis Corporate & Investment Banking to grow its corporate credit card business.

In the two years since Mercury launched its IO credit card business, its IO World Elite Mastercard has become the most used corporate card among its customers, the FinTech said in a Wednesday (Oct. 9) blog post.

“Given its growth, funding our credit card program through this warehouse facility is a natural evolution for us,” Dan Kang, vice president of finance at Mercury, said in the post. “It is backed by our receivables and allows us to extend credit to more customers.”

Mercury works to provide early access to credit to startups that may be newly incorporated, in the process of receiving funding, and have a limited credit or banking history, according to the post.

The company has doubled the percentage of customers eligible for the IO World Elite Mastercard since the beginning of 2023 through underwriting updates enabled by its customers’ cash balances held within Mercury, the post said.

Mercury has also continued to add new features and capabilities to its cards, per the post. These include merchant-locked cards; daily, weekly, monthly or temporary spend limits; custom card expiration dates; a subscription dashboard that enables companies to view all their card subscriptions; and custom mapping rules that automatically categorize card transactions.

“We will continue to invest in our IO card program, including product development, hiring and building new features, off our balance sheet while this new credit warehouse will allow us to scale the business sustainably in our next phase of growth,” Kang said in the post.

Mercury launched its IO card in September 2022, adding it to the products the company offers startups and entrepreneurs.

“The single most requested feature from our customers is a company credit card,” Mercury co-founder and CEO Immad Akhund said at the time in a press release. “With the IO card, we want to provide a simple, accessible option that’s really fast to set up and scales with your business.”

In April, Mercury expanded into the consumer banking business by launching Mercury Personal, a self-service banking option that founders and investors can use for their personal needs.

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