Mercantile, a fintech company that offers industry-specific credit cards to small businesses, has officially launched with a total of $22 million in funding.
The funding includes a $15 million Series A led by Index Ventures, with participation from seed investors First Round Capital, General Catalyst, SV Angel, Operator Partners, Box Group and others.
With the new funding, Mercantile plans to accelerate product development, build partnerships and expand its team.
Mercantile’s offerings include a ‘tailored’ credit card program based on industry-specific needs, starting with the healthcare sector, with plans to expand to other markets over time.
Small businesses between 5% and 20% with vendor discounts, 1.5% cashback on all cardholder purchases, up to $1000 sign-up bonus, no annual or hidden fees, personal credit rating We aim to provide impact to
Mercantile’s initial partners include the American Optometric Association, the American Association of Optometrists, the Academy of Hearing Physicians, and the Association for Medical Group Management.
The startup says partners will benefit from increased engagement, additional revenue, co-sold products, and “quick and simple” onboarding. It claims to take less than 30 days from signing the contract to receiving the branded credit card.
Mark Fiorentino, partner at Index Ventures and new Mercantile board member, said:
“Creating co-branded card programs with industry-specific players enables scalable distribution, allowing small businesses to benefit from the accumulated purchasing power of enterprise-sized customers.”
Founded in 2021, Mercantile is headquartered in New York.