Mercury® Financial Closes on a $400 Million Committed Warehouse Facility

The fintech’s growing near-prime credit card portfolio and funding capacity will strengthen its mission for greater financial inclusion

AUSTIN, Texas--(BUSINESS WIRE)--Mercury® Financial LLC (Mercury Financial), a financial inclusion technology company, today announced the closing of a new $400 million warehouse facility. This transaction increases Mercury Financial’s funding capacity as it continues to grow its customer base and drive its mission for greater financial inclusion through credit access opportunities. This is the second warehouse facility structured and closed during 2021, bringing total warehouse capacity to $650 million.

“Building better lives for our customers begins with opportunities for better credit, and we are in a stronger position than ever to continue our mission to raise up deserving Americans by serving the near-prime customer base.”

The increased capacity will fund growth in Mercury Financial’s credit card portfolio and support the origination of more near-prime credit card accounts. Building on the company’s digital platform, the company continues to leverage over one hundred million training data points and invest in its automated risk assessment and analytics technologies on its mission to help provide access to underserved groups seeking to rebuild their credit.

“Our continued ability to source new warehouse capacity is key to funding additional loan originations prior to issuing a second term series from our credit card master trust which closed in the first quarter,” said Steve Carp, chief financial officer at Mercury Financial. “As a result of our corporate and portfolio performance, we have had numerous global financial institutions express strong interest in supporting our growth through funding facilities.”

The transaction underscores investors’ continued confidence in Mercury Financial’s proprietary platform, experienced management team, customer experience-based business model and mission that focuses on increasing access to credit solutions for individuals who have faced financial hardship.

“I’m very proud of all we accomplished this year and to see our progress recognized by our trusted partners and investors,” said James Peterson, chief executive officer at Mercury Financial. “Building better lives for our customers begins with opportunities for better credit, and we are in a stronger position than ever to continue our mission to raise up deserving Americans by serving the near-prime customer base.”

This news follows the company’s record breaking third quarter, when Mercury Financial provided access to more than $300 million in credit for new account holders and saw an increase of more than 350 percent in net new account openings compared to the same quarter last year. Earlier this year, Mercury Financial also closed a $950 million inaugural securitization issuance, helping to strengthen the company's proprietary platform and customer experience-based business model.

For more information visit www.mercuryfinancial.com.

About Mercury Financial

Mercury Financial LLC (Mercury Financial) is expanding financial inclusion through technology. We deliver access to credit and a superior digital credit experience focused on the underserved near-prime customer. To date, Mercury Financial has helped empower nearly 1 million deserving Americans with better credit through the use of its proprietary risk assessment and data analytics technologies. We strive to provide access to best-in-class credit lines to allow customers to maximize their purchasing power. We offer valuable cashback rewards and travel rewards through strategic partnerships like the Spirit Airlines “Free Spirit” Program. Mercury Financial prioritizes providing the tools to promote positive financial behavior and upward mobility through a seamless digital experience.

Based out of Austin, Texas, with offices in Wilmington, Delaware, Mercury Financial has more than 160 employees and is led by CEO and 15-year financial services veteran James Peterson and a management team with decades of combined industry experience. Backed by Värde Partners, a leading global alternative investment advisor, Mercury Financial has provided customers access to more than $3 billion in credit lines since its founding in 2013.

Mercury Financial manages the Mercury Mastercard® and the Free Spirit® Points Mastercard®, which are issued by First Bank & Trust, Brookings, SD pursuant to a license by Mastercard® International.

For more information, visit www.mercuryfinancial.com.

Contacts

Del Mixon, Red Fan Communications
mercury@redfancommunications.com
512-551-9253