Mercury Reports $450 Million Sale of Credit Card Securities

Advertiser Disclosure

Mercury Financial has announced the sale of $450 million in credit card asset-backed securities. The news continues Mercury’s hot-streak from 2021, as the near-prime credit card lender enjoys continued growth.

Mercury Financial Announces $450 Million Sale of Credit Card Securities

Mercury Financial, a financial inclusion technology company exclusively serving the near-prime market, has announced the sale of $450 million in credit card asset-backed securities (ABS). The Series 2022-1 notes (MFCCMT 2022-1, the Issuer) marks the second term issuance from the firm’s master trust and consists of approximately $385 million in A-rated bonds, $51 million in BBB-rated bonds, and $14 million in BB+-rated bonds.

The transaction underscores the strength of Mercury Financial’s purpose-driven business model and targeting technologies focused on the 36 million consumers in the near-prime credit segment. Currently, that business model includes three credit cards, including the popular Mercury Mastercard. Mercury Financial also issues two co-branded cards with Spirit Airlines, the Free Spirit Points Mastercard and the Free Spirit Points Plus Mastercard.

Mercury Continuing 2021 Successes

The sale also follows a record-breaking year of growth for Mercury. The company reached more than one million accounts in 2021 and is now extending more than $3.5 billion in credit access to the near-prime market in its pursuit of increased financial inclusion.

Mercury will use proceeds from the transaction to pay down outstanding balances in the company’s two-variable funding note facilities, creating capacity to support accelerated acquisitions and digital platform expansion., according to a press release announcing the sale.

“Plans for Continued Growth”

“The performance of our assets and the strength of our balance sheet have never been in a better position, and this transaction reflects that,” said James Peterson, CEO of Mercury Financial. “Our business has a direct impact on the lives of over 1 million deserving Americans in need of better credit opportunities. I’m very proud of the great support from investors who believe in the performance of these assets and our mission toward greater financial inclusion.”

“Our disciplined approach to growing our business contributed to the success of this transaction,” added Steve Carp, CFO of Mercury Financial. “Backed by a decade of historical data in the near-prime consumer market, we’re able to show existing and new investors the stability of our business and provide confidence with our plans for continued growth in this underserved segment of American consumers.”

Related Article: Use These Credit Tips (and Credit Cards) to Quickly Build Your Credit Score

Featured image by mohamed_hassan/PixaBay

Editorial Disclosure – The opinions expressed on's reviews, articles, and all other content on or relating to the website are solely those of the content’s author(s). These opinions do not reflect those of any card issuer or financial institution, and editorial content on our site has not been reviewed or approved by these entities unless noted otherwise. Further, lists credit card offers that are frequently updated with information believed to be accurate to the best of our team's knowledge. However, please review the information provided directly by the credit card issuer or related financial institution for full details.

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.

Advertiser Disclosure

BestCards is an independent, Florida-based credit card comparison platform. Many of the card offers that appear on this site are from companies from which BestCards receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). BestCards does not include all card companies or all card offers available in the marketplace.