New York-headquartered Mercantile, which publicly launched Wednesday, has raised US$22 million in equity financing from investors including Index Ventures and General Catalyst. (The Logic)

Talking point: Spend-management platforms targeting small-business clients have raised hundreds of millions during the pandemic. Mercantile is offering sector-specific packages through industry and professional associations, starting with medical practices. For example, the firm will pay American Optometric Association membership dues for clients that charge set sums to cards they get through the group. Customers also get discounts at vendors like eyewear software firm Optify. Such breaks help close the cost disadvantage that independent businesses face compared to private-equity-owned practice rollups or larger networks, Mercantile president Luke Finney told The Logic in an interview. While the firm is U.S.-domiciled, his co-founders CEO Sam Poirier and CTO François-Xavier Lemire are Canadian, and over half the 20-plus person team is based in Montreal. Although Mercantile is not yet planning a launch here, Finney said, “we’d love to offer a card to Canadian small businesses.”