Neobank for startups Mercury started issuing corporate credit cards, thus expanding the range of its services and acquiring a new source of revenue.
Raison Asset Management invested in Mercury in July 2022
The CEO of the company, Immad Akhund, told Forbes that since the end of last year, the number of neobank customers has almost doubled: from 45,000 users to 80,000.
Akhund also mentioned the company has spent only $30 million of the $120 million in funding it raised in an investment round last July.
Therefore, neobank still has $90 million left for development and operating expenses. According to Akhund, this capital is more than enough to wait out a difficult market situation.