Mercury secures $100m Natixis CIB credit warehouse to fund IO card programme
US-based fintech Mercury, which specialises in banking services for start-ups, has landed a $100 million credit warehouse with Natixis Corporate and Investment Banking (CIB).
Mercury lands $100m credit warehouse
Mercury will use the warehouse to develop its IO credit card programme, which launched in September 2022 in collaboration with Patriot Bank and Mastercard.
The programme was initially floated off Mercury’s balance sheet, but will now be funded through the warehouse, which is backed by the fintech’s receivables.
Founded in 2017, Mercury’s funding journey to date includes a $120 million Series B, closed in August 2021 at a company value of $1.6 billion, as well as $21 million secured from 30 separate investors in September 2019.
Speaking on the warehouse, Dan Kang, Mercury’s VP of finance, comments: “We will continue to invest in our IO card programme, including product development, hiring, and building new features.”
These new features include employee expense reimbursements, which have been added to Mercury’s expense management platform in conjunction with the warehouse announcement.
Kang also confirms that integrations with undisclosed HR and payroll systems, alongside automatic receipt matching functionalities, are “coming soon”.
