The new facility, which has been provided by client funds managed by US investment banking company Neuberger Berman, will be used to originate additional credit card accounts and boost the growth of its existing cardmember relationships.
Founded in 2017 and headquartered in Austin, Texas, Mercury Financial utilises over 100 million data points to provide middle-class Americans with access to credit through its credit card and mobile app offerings. It claims to serve more than 1.5 million customers.
“We see a massive opportunity for Mercury to reach our near-prime target market, which so many banks and non-bank lenders ignore,” says Jason Whiting, chief financial officer (CFO) of Mercury Financial.
