Mercury Secures $100 Million Credit Warehouse from Natixis CIB to Accelerate Growth of Innovative IO Card Program

San Francisco, CA – [09-Oct-2024] – Mercury, a pioneering fintech firm dedicated to empowering start-ups with tailored banking solutions, has announced a major milestone in its funding strategy: the successful acquisition of a $100 million credit warehouse from Natixis Corporate and Investment Banking (CIB). This substantial investment will significantly enhance the development and expansion of Mercury’s IO credit card program, originally launched in September 2022 in partnership with Patriot Bank and Mastercard.

Previously funded through Mercury’s balance sheet, the IO card program will now benefit from this credit warehouse, which is backed by the company’s receivables. This strategic transition allows Mercury to optimize resource allocation, driving innovation and providing even better services to its growing customer base.

Since its inception in 2017, Mercury has achieved impressive funding milestones, including a $120 million Series B round concluded in August 2021, which valued the company at $1.6 billion, and a $21 million raise from a diverse group of 30 investors in September 2019.

Dan Kang, Mercury’s Vice President of Finance, remarked, “Securing this credit warehouse marks a significant step forward for our IO card program. We are committed to investing in product development, expanding our team, and rolling out new features that address the evolving needs of our clients.”

As part of these enhancements, Mercury plans to introduce employee expense reimbursements into its expense management platform. Additionally, Kang hinted at forthcoming integrations with various HR and payroll systems, as well as the introduction of automatic receipt matching functionalities, which are designed to streamline financial processes for users.

With this latest partnership with Natixis, Mercury is well-positioned to continue its trajectory of growth and innovation, further solidifying its role as a leader in providing financial solutions for start-ups.