Mercury Financial, the popular Mercury Mastercard issuer, is continuing their impressive 2021 with a new warehouse facility. The new $400 million warehouse facility is the company’s second of the year – and follows on from record levels of consumer lending, new card offers, and more.
Mercury Financial Secures New Warehouse
Mercury Financial is continuing its impressive 2021 with the announcement of a new $400 million warehouse facility. The new warehouse facility joins a second warehouse facility structured and closed during 2021, bringing total warehouse capacity to $650 million. The increased warehouse capacity will assist in funding growth in Mercury Financial’s credit card portfolio and support the origination of more near-prime credit card accounts.
Mercury’s Strong Performance in 2021
The news of Mercury’s new warehouse capacity follows the company’s record-breaking third quarter – a quarter in which Mercury Financial provided access to more than $300 million in credit for new account holders. This new lending came through a combination of personal loans and the company’s three credit card products: the Free Spirit® Points Mastercard®, the Free Spirit® Points Plus Mastercard®, and the company’s proprietary Mercury® Mastercard®.
Q3 2021 also saw an increase of more than 350% in new account openings compared to the same quarter in 2020. 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.
“In a Stronger Position Than Ever Before”
“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, in a press release. “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.”
“I’m very proud of all we accomplished this year and to see our progress recognized by our trusted partners and investors,” added 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.”
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