AUSTIN, Texas--(BUSINESS WIRE)--Mercury® Financial LLC (Mercury® Financial), a financial inclusion technology company exclusively serving the near-prime market, announced today it has completed 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 consisted of approximately $385 million in A rated bonds, $51 million in BBB rated bonds, and $14 million in BB+ rated bonds.
“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.”
The transaction, rated by the Kroll Bond Rating Agency, jointly led by Credit Suisse Securities (USA) LLC and Guggenheim Securities, LLC, and co-managed by Barclays Capital Inc. and Citi Global Markets Inc. 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.
“Our disciplined approach to growing our business contributed to the success of this transaction,” said 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.”
The transaction follows a record-breaking year of growth for the company, as Mercury Financial reached more than one million accounts in 2021 and now extends more than $3.5 billion in credit access to the near-prime market in its pursuit for increased financial inclusion.
Proceeds from the transaction will be used to pay down outstanding balances in the company’s two variable funding note facilities, creating capacity to support accelerated acquisitions and digital platform expansion.
About Mercury Financial
Mercury Financial LLC (Mercury Financial) is expanding financial inclusion through technology. We deliver access to credit and a superior digital credit experience focused on the underserved near-prime customer. To date, Mercury Financial has helped empower more than 1 million deserving Americans with better credit through the use of its proprietary risk assessment and data analytics technologies. We strive to provide access to best-in-class credit lines to allow customers to maximize their purchasing power. We offer valuable cashback rewards and travel rewards through strategic partnerships like the Spirit Airlines Free Spirit® Program. Mercury Financial prioritizes providing the tools to promote positive financial behavior and upward mobility through a seamless digital experience.
Based out of Austin, Texas, with offices in Wilmington, Delaware, Mercury Financial has more than 160 employees and is led by CEO and 15-year financial services veteran James Peterson and a management team with decades of combined industry experience. Backed by Värde Partners, a leading global alternative investment advisor, Mercury Financial has provided customers access to more than $3 billion in credit lines since its founding in 2013.
Mercury Financial manages the Mercury Mastercard® and the Free Spirit® Points Mastercard®, which are issued by First Bank & Trust, Brookings, SD pursuant to a license by Mastercard® International.
Free Spirit® is a registered mark of Spirit Airlines, Inc.
