SAN FRANCISCO--(BUSINESS WIRE)--Mercury, the company more than 80,000 startups trust for banking*, today unveiled IO, a new company credit card built for smooth scaling.
The IO Mastercard®** offers 1.5% cashback on everything, even international spend, 30 day repayment period with no annual fees, 0% annual percentage rate (APR) and no personal guarantee or credit check. Customers can create unlimited virtual cards with different monthly limits to better manage spend. Balances will be deducted monthly from the customer’s chosen Mercury account, which can be changed at any time. Customers can also choose to pay their balance off early and/or adjust the payment date. Cashback is automatically deposited into the customer’s chosen payment account for all settled transactions once the card balance is paid off - no confusing point systems and no manual redemption.
“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% cashback on everything.”
With the addition of IO, Mercury adds another piece to its bundle of banking products for startups and entrepreneurs. Other Mercury offerings include free checking and savings accounts, debit and credit cards, ACH payments, checks, free domestic and USD international wire transfers, treasury management, APIs, as well as financing options to help entrepreneurs find alternative access to capital, such as venture debt.
“We are committed to growing with our customers over the long term. 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,” said Akhund. “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.”
With the IO Card, qualified Mercury customers will receive:
- Straightforward cashback rewards: 1.5% cashback savings automatically on everything, including international spend, deposited when the card is paid off for all settled transactions. No points to calculate, no manual redemption.
- Speedy, hassle-free signup for everyone: For existing customers, the first step to qualifying is having at least $50,000 in a Mercury account. Once approved, customers can issue themselves and their team a credit card in a matter of minutes and use virtual cards immediately. New customers can sign up for a Mercury account in minutes and qualified users are underwritten automatically. Organizations can issue an unlimited number of virtual cards and one physical card per employee.
- Easy employee card onboarding: Issue cards to all employees by inviting them to Mercury via our Google Workspace Integration, so entire teams can get access to IO in a matter of minutes.
- Spending controls: Set custom spend limits, issue cards for different purposes, quickly manage user permissions and track spending on the built-in dashboard.
- Automatic payment schedules: Customers can choose the repayment date within their billing cycle that works with their schedule and enjoy auto payments and rewards every 30 days with no interest charged and no annual fees.
- Receipt collection: Available this Fall, employees can attach receipts to their transactions in the Mercury dashboard.
- Sharp security: With no card number, CVV security code, expiration date or signature on the card and an RFID chip for contactless payment, the IO Card is more secure than any other physical credit card.
- Beautiful metal cards for founders and account admins: Premium, sleek metal cards that are worthy of showing off. Employees will receive plastic physical cards.
- All-in-one banking stack: With easy approvals and onboarding processes (no personal credit checks), customers gain seamless access to bank accounts, payments, Treasury and Venture Debt as their business grows. Plus, best-in-class online support from anywhere in the world.
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Additional perks: In addition to zero liability protection on authorized purchases and 24/7 Mastercard Global Emergency assistance, IO unlocks:
- MasterRental: Covers physical damage and theft of a rental vehicle if a rental is paid with the IO card and certain conditions are met
- ShopRunner: Free 2-day shipping from hundreds of online stores
- Software discounts for new customers on Salesforce, TurboTax and QuickBooks
Get the new IO Card today at mercury.com/credit.
**The IO Card is issued by Patriot Bank, Member FDIC, pursuant to a license from Mastercard. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.
About Mercury
Mercury offers banking* for startups — at any size or stage. With an intuitive product experience, founders can access free checking and savings accounts, debit and credit cards, domestic and international wire transfers, treasury, venture debt, and more — and manage their business with confidence. Mercury also offers vibrant community programs that provide founders with the connections, advice, and resources to help them build the next great companies. Launched in 2019, Mercury is trusted by more than 80,000 startups. To learn more, visit Mercury.com.
*Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust®; Members FDIC.
