Mercury Secures $100 Million Credit Warehouse with Natixis
Mercury is thrilled to announce the successful acquisition of a $100 million credit warehouse from Natixis Corporate & Investment Banking, a major milestone that will drive the growth of our corporate credit card business and allow us to serve even more customers.
Since launching the IO World Elite Mastercard in September 2022, the demand for a corporate credit card was the top request from our customers. Over the past two years, the card has seen tremendous growth, with total monthly spending tripling in just the last year. It has now become the most widely used corporate card among Mercury customers, according to our internal data.
A warehouse line of credit, commonly used by fintechs to scale credit offerings, will enable us to extend more credit to our customers. Initially, we funded the IO card program from our balance sheet while proving product-market fit. Now, with its impressive growth, transitioning to a warehouse facility backed by our receivables is a natural next step.
Mercury continues to enhance its card offerings with new features like merchant-locked cards, customizable spend limits, card expiration dates, a subscription dashboard, and automatic categorization of card transactions for accounting software like QuickBooks, Xero, and NetSuite. We’ve also launched new benefits, including a complimentary year of Soho Friends for US-based small business cardholders through Mastercard.
We recognize that many of our customers are startups with limited credit or banking history, so we’ve made underwriting updates based on customers’ cash balances within Mercury. This has doubled the number of customers eligible for the IO World Elite Mastercard since early 2023.
With our financial health stronger than ever—achieving nine consecutive quarters of cash flow and EBITDA profitability—we’re investing heavily in the IO card program, including product development and new features. This new credit warehouse will enable us to sustainably scale as we move forward.
Looking ahead, we’ll continue to invest in corporate cards and employee expense management tools. Today, we’re also launching expense reimbursements, offering founders and finance teams expanded spending controls. Future plans include integrations with HR and payroll systems, and automatic receipt matching for transactions. Stay tuned for more exciting updates.