Mercury Debuts IO Company Card for Startups
A FinTech banking platform meant to help startups manage their money as they scale is getting into the credit card game. This week, Mercy announced the launch of the IO card. Issued by Patriot Bank, the card carries no annual fee and has 30-day repayment terms.
The IO card earns 1.5% cashback on all purchases, including international transactions. Earned cashback is then automatically deposited when all settled transactions are paid off. Similarly, card balances will be automatically deducted from customers’ Mercury accounts. However, users will be able to adjust their payment date or make pre-payments.
Another feature of IO is the ability to generate an unlimited number of virtual cards. What’s more, each of these cards can have a different monthly spending limit. As for physical cards, companies can issue one card per employee. While standard cards will be made from plastic, founders and account admins can receive premium metal cards instead.
To qualify for the IO card, current Mercury customers must have at least $50,000 in their account. Meanwhile, new customers can sign up for a Mercury account and will be underwritten automatically if they qualify. Once an IO account is opened, users can begin issuing cards to their team and even create virtual cards instantly.
This new credit card offering joins Mercury’s growing list of financial products. Namely, the company offers checking and savings accounts for startups and entrepreneurs. With these accounts, businesses can issue debit cards to team members, send ACH payments to vendors and employees, and more.
Announcing the launch of the IO card, Mercury co-founder and CEO Immad Akhund said, “The single most requested feature from our customers is a company credit card. With the IO Card, we want to provide a simple, accessible option that’s really fast to set up and scales with your business.”
Akhund went on to mention the guiding principle behind the service, stating, “Everything we do is in an effort to help founders spend as little time as possible thinking about banking, including signing up in minutes, automating financial busywork with rules that are easy to set up, and setting granular user-based permissions to help maintain control as their company scales.”
There’s no question that the Mercury IO credit card is a logical expansion for the FinTech. And while the IO card itself may be a fairly straightforward offering, it’s also one that seems likely to fit the needs of Mercury customers. Therefore, while the card might not set the world on fire, it’s certain to be a welcome addition for startups and entrepreneurs who are already in the Mercury ecosystem.