Last updated on April 7th, 2023
Mercury Financial has revealed it has crossed the one million customer threshold – a significant landmark in the company’s growth. The revelation is the latest milestone for the fast-growing financial firm, following record revenue and growth in 2021.
Mercury Financial Surpasses 1 Million Accounts
Mercury Financial has surpassed one million accounts, marking an important milestone for the near-prime lender. The company now extends more than $3 billion in credit access to the near prime market in its continued pursuit for greater financial inclusion.
“We’re certainly making a difference. Our momentum this year brought a tremendous and positive impact to the lives of so many deserving Americans,” said James Peterson, CEO of Mercury Financial. “We’re on a mission to empower our customers with access to a premium credit experience and encourage positive credit building behaviors through technology. I’m very proud of our team’s dedication to expanding financial inclusivity in 2021, and we’re poised to reach a million more in the new year.”
Continued Growth
Mercury’s impressive growth places the company on solid footing heading into 2022. According to estimates, there are more than 36 million non-prime borrowers in the United States – borrowers Mercury is seeking to entice with its three credit card offerings. Driven by its mission, the company provides credit access, rewards, and a premium digital experience to these hard-working Americans, who may not have it otherwise. In 2021, its customers redeemed more than $10 million in rewards through the Mercury Mastercard®, Free Spirit® Mastercard®, and Free Spirit® Points Plus Mastercard®.
“Because we serve the near-prime market, many of our customers lack the same credit opportunities as others. For one reason or another, they’re left out of the credit system,” said Marge Hannum, chief risk officer of Mercury ® Financial. “Limited credit access impacts more Americans than most people may think. We hope our milestone will drive awareness for this important issue and the necessity for greater financial inclusion in our country.”
Another component of Mercury’s service is to make payments more seamless and drive awareness of the benefits of responsible credit management tools. Mercury is investing in its digital platform and offerings as part of its scaling for a broader customer base; recently, in response to the near-prime market’s need for contactless payment accessibility, the company launched mobile wallet and tokenization capabilities to make in-store, in-app, and online payments at participating merchants from their Apple®, Google®, or Samsung® smart devices.
About Mercury Financial LLC
Mercury Financial is the largest non-bank credit card company in the United States. To date, the company has extended $2.5 billion in credit lines and helped ove a million customers with a credit card that earns rewards, carries no monthly fee for issuance or availability, and has an affordable APR through its alliance with First Bank & Trust of South Dakota.
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