Mercury Financial Breaks Lending Records in Q3

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Last updated on April 21st, 2023

Mercury Financial is hailing a record-breaking third quarter. The fintech and near-prime lender extended unsecured credit lines of $300 million last quarter, including a 350% increase in new accounts from the same period in 2020.

Mercury Announces Record Levels of Lending in 2021

Mercury Financial has announced a record $300 million in credit to new accounts in Q3 2021. This new record helps to further establish Mercury as a leading fintech driving financial inclusion to near-prime consumers.

The company is hailing the following impressive breakthroughs in Q3 2021:

  • $300 million in unsecured credit to new account holders in the third quarter
  • 350% increase in net new account openings between Q3 2020 and Q3 2021
  • 65% increase in total accounts between September 2020 and September 2021

Mercury’s impressive growth in Q3 2021 has included the launch of the new the launch of the Free Spirit® Points Plus Mastercard®, the second co-branded credit card in its partnership with Spirit Airlines. The company also recently announced a partnership extension with Global Payments Inc. and First Bank & Trust – the issuer of its co-branded Free Spirit cards and the proprietary Mercury Mastercard.

“Ongoing Commitment to Serving Our Near-Prime Customers”

“The momentum we’ve gained over the last few months is a direct reflection of our ongoing commitment to serving our near-prime customers, who deserve the opportunity to rebuild their credit,” said James Peterson, CEO of Mercury Financial, in a press release accompanying the news. “I’m proud to see our company succeed because it means that hundreds of thousands of hard-working Americans are also succeeding. Better yet, it means that we can continue to execute our mission and help even more people access unsecured credit, maximize their purchasing power and enjoy the benefits of a superior credit experience.”

“Partnerships with leading financial institutions and national brands are a critical part of how we deliver exceptional credit experiences for our customers,” said Jeff Courtney, Mercury Financial’s COO. “At the same time, we’re deeply committed to bringing to market even more digital tools and resources that enable us to maintain best-in-class loan growth and outperform industry averages while helping customers maintain a 98 percent average on-time payment rate.”

Related Article: Spirit Airlines and Mercury Financial Launch New Credit Cards

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About: Cory Santos
Cory Santos

Cory is the senior credit card editor at BestCards, specializing in everything credit card-related. He’s worked extensively with credit cards and other personal finance topics, including nearly five years at BestCards. Cory’s extensive knowledge is an essential part of the BestCards experience, helping readers to live their best financial lives with up-to-date insights and comprehensive coverage of all facets of the credit card space, including market trends, rewards guides, credit advice, and comprehensive credit card reviews.

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