Why did the merchants pay for the voyage in 1 of John Cabot's journeys?

Merchants funded John Cabot's voyage in hopes of discovering new trade routes and resources, particularly to access valuable goods such as spices and silks from Asia. The promise of finding a faster passage to the East or new territories for trade offered the potential for significant profit. Additionally, there was interest in the possibility of establishing new markets and colonies that could enhance their economic power. This financial backing was crucial for Cabot's expeditions, which aimed to expand European trade networks.