FinTech Mercury is launching a corporate Mastercard to help startups scale their business, with the card offering 1.5% cashback without any annual fees or personal credit checks.
The new IO card offers a 30-day interest-free repayment period, according to a Monday (Sept. 12) press release, and the cashback reward counts towards everything — even international expenditure.
Customers also have the option of creating virtual cards with varying limits to make it easier for budgeting. Balances are deducted from the Mercury account a customer designates and payment dates can be adjusted.
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Per the release, the cashback reward is automatically deposited into the customer’s chosen payment account for all settled transactions once the card balance is paid off.
“The single most requested feature from our customers is a company credit card,” said Immad Akhund, co-founder and CEO of Mercury. “With the IO Card, we want to provide a simple, accessible option that’s really fast to set up and scales with your business. Founders don’t have time to count points and rewards. That’s why we wanted to make it as simple as possible with 1.5% cash back on everything.”
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The IO card is the latest solution in Mercury’s suite of products for startups and entrepreneurs. The company also offers free checking and savings accounts, debit and credit cards, ACH payments, treasury management and application programming interfaces (APIs), among other services.
Financing options are also provided to make it easier for entrepreneurs to find alternative access to capital, according to the release.
“We are committed to growing with our customers over the long term,” said Akhund. “Many of our customers come to Mercury soon after they’ve incorporated and continue to grow with us, from depositing their first check to tracking millions in revenue.”
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Current Mercury clients can qualify for the IO card if they have at least $50,000 in a Mercury account. Once approved, they can issue virtual cards that can be immediately used.
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