US fintech Mercury Financial has secured a $200 million debt facility from Neuberger Berman to expand its credit card business and serve the middle class.
Facts
- Mercury Financial obtained a $200 million debt facility from Neuberger Berman, a US investment banking company.
- The funding will be used to originate additional credit card accounts and enhance the growth of its existing card member relationships.
- Founded in 2017 and based in Austin, Texas, Mercury Financial uses over 100 million data points to offer credit card and mobile app services to the middle class, catering to more than 1.5 million customers.
- Jason Whiting, CFO of Mercury Financial, sees significant potential to reach their near-prime target market, often overlooked by traditional banks and non-bank lenders due to regulatory limitations.
- Mercury Financial’s CEO, James Peterson, emphasizes their data-driven approach to assess risk and support more qualified Americans in managing their credit.
- The partnership with Neuberger Berman will enable Mercury Financial to reach more underserved Americans, whom Peterson considers the “bedrock of the US economy.”
