Mercantile
Mercantile is a fintech that builds and operates white-label, industry-specific business credit card programs for professional associations, brands, and fintechs, serving credentialed small businesses and professionals via co-branded cards on Mastercard and American Express networks.
- Company typePrivate
- Founded2015
- HeadquartersNew York, United States
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Mercantile does
Mercantile is a New York-based financial technology company that builds and operates industry-specific business credit card programs for small businesses, with a focus on credentialed professionals and the trade associations that represent them. The company operates a white-label card platform that enables organizations — including professional associations, brands, and fintechs — to launch custom business credit card programs in approximately 90 days, with the bank and network infrastructure (Mastercard via Hatch Bank; American Express via Celtic Bank) handled by Mercantile. Notable product capabilities include a frictionless application flow, flexible underwriting for varied credit profiles, real-time fraud prevention, a flexible API for partner integration, a QuickBooks integration, and a proprietary self-selected payment threshold feature called Credit LimitShield. The company also bundles turnkey marketing services covering campaign strategy, creative production, media buying, and lifecycle engagement.
Mercantile's core customers are professional associations, brands, and fintechs that distribute co-branded cards to their members and end users, with the 25+ live programs including associations such as the American Optometric Association, American Bar Association, American Society of Interior Designers, Academy of General Dentistry, American Association of Orthodontists, American College of Physicians, and the National Funeral Directors Association. Grasshopper is a notable fintech distribution partner. The company monetizes primarily through interchange and transaction fees on card spend, supplemented by program management services and marketing services revenue. Mercantile was founded in 2021, raised a $15M Series A led by Index Ventures in October 2022 (on a $47M pre-money valuation, totaling $22M in funding), and was acquired by Onboard Partners LLC (formerly The Kessler Group), a Stone Point Capital-backed affinity card operator with 40 years of industry experience, in December 2024. Mercantile continues to operate as a division of Onboard Partners.
Mercantile firmographics
Firmographics- Name
- Mercantile
- Legal name
- Mercantile Financial Technologies, Inc.
- Website
- https://getmercantile.com
- Company type
- Private
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Mercantile is a fintech that builds and operates white-label, industry-specific business credit card programs for professional associations, brands, and fintechs, serving credentialed small businesses and professionals via co-branded cards on Mastercard and American Express networks.
- Ownership category
- akta.pro rank
Mercantile industry classification
Industry- Product category
- Card Issuance Platform
- NAICS
- Credit Card Issuing (52221), Credit Card Issuing (522210)
- akta.pro primary industry
- Co-Branded Credit Cards (FSAKABAB)
- akta.pro secondary industries
- Credit Cards & Revolving Credit (FSABAAAC), Merchant Acquiring & Processing Platforms (BPAMAFAB)
Keywords
Where Mercantile is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Mercantile business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Others
Revenue model
- Interchange and Transaction Fees: Mercantile earns revenue from interchange fees on credit card transactions processed through its branded card programs. As program managers for associations and brands, the company takes a percentage of card spend as transactions occur.
- Program Management Services: Revenue from managing card programs for professional associations and brands, including platform fees, compliance handling, and operational support services.
- Marketing Services: Turnkey marketing solutions including campaign strategy, media buying, creative agency services, and reporting/analysis on campaign and portfolio management provided to card program partners.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Monthly | AGD World Elite Business Credit Card - No annual fee with tiered cash back rewards |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels6 records
Mercantile product offering
Product offeringCore offering
Mercantile provides a white-labeled card platform that enables brands, trade associations, and fintechs to launch custom business credit card programs for their members or customers within approximately 90 days. The platform delivers the regulatory, compliance, and banking infrastructure, card issuance on Mastercard and American Express networks via partner banks (Hatch Bank, Celtic Bank), tailored underwriting, real-time fraud prevention, frictionless application flows, a flexible API, and turnkey marketing services. Mercantile also operates individual co-branded business credit cards with specific professional associations.
Product overview
Mercantile is a financial services platform (operating as a division of Onboard Partners) that enables organizations — fintechs, brands, and trade associations — to launch and operate custom affinity credit card programs. The core offering is the Mercantile Card Platform, a white-labeled solution encompassing the full card lifecycle: issuance on Mastercard or American Express networks (via partner banks Hatch Bank and Celtic Bank), regulatory and compliance infrastructure, flexible underwriting, real-time fraud prevention, customer support, and a Flexible API for partner integrations. This core platform is bundled with optional Marketing Solutions (turnkey creative and campaign services) and Flexible Funding modules. The company also operates individual co-branded card products — including the ABA American Express Business Card, the ASID American Express Business Card, and the AGD Business Credit Card — each targeting a specific professional vertical. All cards are issued by partner banks under license from Mastercard or American Express.
Differentiator
Problem solved
Functional benefit
Products and services
- Mercantile Card Platform White-labeled, cloud-based card platform that enables organizations (brands, trade associations, fintechs) to launch custom business credit card programs within approximately 90 days. Provides the regulatory, compliance, and banking infrastructure, card issuance on Mastercard and American Express networks via partner banks, frictionless application flows, real-time fraud prevention, dedicated customer support, insightful reporting, and a flexible API for partner integrations.
- Marketing Solutions Turnkey and bespoke marketing services for card program partners, including campaign strategy and media buying, full-service creative agency (banner ads, social posts, emails, direct mail), targeted direct mail and digital media campaigns, behavior-triggered lifecycle communications, and reporting/analysis on campaign and portfolio management.
- ABA American Express Business Card Co-branded American Express business credit card for the American Bar Association (ABA), targeting solo practitioners and small law firms. Offers up to 2% cash back on everyday business spending, up to 5% on ABA purchases, American Express Network benefits and protections, weekly autopay options, and tools to build a business credit profile. Issued by Celtic Bank on the American Express Network.
- ASID American Express Business Card Co-branded American Express business credit card for the American Society of Interior Designers (ASID), targeting independent designers and small design firms (19,500+ members in the U.S. and Canada). Features include flexible approval pathways (including for lower credit profiles), Credit LimitShield self-selected threshold feature, American Express Network benefits, and competitive rewards on business spending. Issued by Celtic Bank on the American Express Network.
- AGD Business Credit Card (AGD World Elite Business Credit Card) Co-branded business credit card for the Academy of General Dentistry (AGD), targeting dental practice owners. Offers up to 5% cash back on Dental Health Products purchases, up to 3% on AGD purchases, up to 2% on all other eligible spending, free unlimited employee cards, Mastercard Easy Savings, virtual account numbers, and business credit-building tools. No annual fee. Operated on the Mastercard network.
Quantifiable outcome
- Programs can be launched within 90 days
- +3 more outcomes
Companies that use Mercantile
Customer profileNamed customers12 records
Segments5 records
Ideal customer profiles2 records
Mercantile technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature4 records
Mercantile partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core.
- American ExpresscoreAmerican Express partnered with Mercantile and ABA to launch co-branded business credit cards. Cards run on American Express Network and leverage the Agile Partner Platform (APP) for customized payment products.
- American Bar Association (ABA)coreABA selected Mercantile to launch ABA American Express Business Card for solo practitioners and small law firms. Program offers up to 2% cash back on business spending and up to 5% on ABA purchases.
- American Society of Interior Designers (ASID)coreASID partnered with Mercantile to launch ASID American Express Business Card for design professionals. Targets 19,500+ members in US and Canada with Credit LimitShield feature and flexible approval pathways.
- Academy of General Dentistry (AGD)coreAGD launched exclusive business credit card for practice owners as member benefit. Earn up to 5% cash back on DHP purchases, up to 3% on AGD purchases with no annual fee.
- Onboard PartnerscoreOnboard Partners acquired Mercantile Financial Technologies. Onboard Partners, formerly known as The Kessler Group, has been a leader in affinity credit cards for over 40 years. Expected to triple Mercantile's business within two years.
- Hatch BankcoreHatch Bank issues Mastercard credit cards through Mercantile's platform. All Mastercard cards are issued by Hatch Bank pursuant to a license from Mastercard.
- Celtic BankcoreCeltic Bank issues American Express credit cards on the American Express Network for Mercantile's co-branded programs including ABA and ASID cards.
- MastercardcoreMastercard is the payment network for Mercantile's World Elite Business credit cards. Cards issued by Hatch Bank under Mastercard license.
Scale indicators5 records
Recent moves6 records
Expansion highlights5 records
Mercantile competitors and assessment
Company assessmentDirect peers
- Imprint: Imprint is a fintech platform that partners with brands to issue co-branded credit cards, providing a white-label card issuance and program management stack. Directly comparable to Mercantile in serving affinity/brand partners launching their own card programs.
- Deserve: Deserve offers a cloud-based credit card platform that enables businesses and brands to launch custom credit card programs with tailored underwriting. Directly comparable to Mercantile's white-label card-as-a-service model.
- Extend: Extend provides card-as-a-service infrastructure that lets businesses issue virtual and physical credit cards programmatically. Comparable to Mercantile's flexible API and partner-driven card issuance model.
- CardFlight: CardFlight offers payment solutions including card issuance and processing tools for small businesses. Overlaps with Mercantile's SMB-focused card programs and merchant enablement features.
Broad incumbents
- Marqeta: Marqeta is a modern card issuing platform powering many fintech and embedded card programs at scale. Provides underlying infrastructure comparable to Mercantile's platform, but operates as a broad card-issuance incumbent rather than a vertical affinity specialist.
- Stripe Issuing: Stripe Issuing enables platforms and businesses to create and manage card programs programmatically. Comparable infrastructure play to Mercantile, but as part of Stripe's broader payments platform rather than focused on affinity verticals.
- Synchrony Financial: Synchrony is a major private label and co-branded credit card issuer with deep relationships across retail and healthcare verticals. A broad incumbent competing for the same association-driven card programs Mercantile targets.
- Bread Financial: Bread Financial is a leading provider of private label and co-branded credit cards for retailers and brands. Comparable to Mercantile in the affinity/co-brand card space but as a much larger incumbent issuer.
Emerging players
- Highnote: Highnote is a modern card issuing platform enabling fintechs and brands to launch credit, debit, and commercial card programs with embedded finance features. Closely comparable to Mercantile's modular platform approach.
- Lithic: Lithic provides APIs for issuing physical and virtual cards, with infrastructure comparable to Mercantile's flexible API offering. Focused on developer-led issuance rather than affinity/association distribution.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Mercantile social profiles
Digital presenceMercantile financial estimates
Financial estimateRevenue estimate
Valuation estimate
Mercantile leadership team
Management profileNumber of profiles
Profiles2 records
Mercantile funding detail
Funding detailFunding overview
Funding rounds2 records
Investors6 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Mercantile M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Mercantile
What does Mercantile do?
Mercantile provides a white-labeled card platform that enables brands, trade associations, and fintechs to launch custom business credit card programs for their members or customers within approximately 90 days. The platform delivers the regulatory, compliance, and banking infrastructure, card issuance on Mastercard and American Express networks via partner banks (Hatch Bank, Celtic Bank), tailored underwriting, real-time fraud prevention, frictionless application flows, a flexible API, and turnkey marketing services. Mercantile also operates individual co-branded business credit cards with specific professional associations.
Is Mercantile a public or private company?
Mercantile is a private company. It is classified as private equity controlled and is currently operating.
When was Mercantile founded?
Mercantile was founded in 2015. It employs 11 to 50 people.
Where is Mercantile based?
Mercantile is headquartered in New York, United States, in the North America region.
How does Mercantile make money?
Three revenue lines are on record. Interchange and Transaction Fees are the primary driver. The others are program Management Services and marketing Services.
Who are Mercantile's main competitors?
Direct peers on record are Imprint, Deserve, Extend and CardFlight. Broad incumbents are Marqeta, Stripe Issuing, Synchrony Financial and Bread Financial. Emerging players are Highnote and Lithic.
Does Mercantile have an API?
Yes. Mercantile offers a Flexible API that lets partners integrate card features into their own systems for automation and scaling. The API enables partners to embed card program capabilities (e.g., card creation, management, rewards redemption) into third-party platforms and workflows. No public documentation URL, SDK, or authentication details are specified in available source material.
What industry is Mercantile in?
Mercantile's product category is Card Issuance Platform. Its primary akta.pro industry code is FSAKABAB, Co-Branded Credit Cards, with a secondary code of FSABAAAC, Credit Cards & Revolving Credit. Its NAICS code is 52221.