US-based financial inclusion technology company Mercury Financial has closed a $400m warehouse facility.
This is the second warehouse facility structured and closed during 2021, bringing its total funding to $650m.
According to Mercury Financial, the increased capacity will fund growth in its credit card portfolio and support the origination of more near-prime credit card accounts.
Founded in 2013, Mercury Financial aims to expand financial inclusion by providing loans to underserved groups seeking to rebuild their credit. Through the use of proprietary risk assessment and data analytics technologies, Mercury Financial says it has so far helped empower nearly one million customers in the US with better credit.
The transaction follows the company’s reported “record-breaking” third quarter, in which it provided access to more than $300m in credit for new account holders and saw a year-on-year increase of more than 35% in net new account openings.
James Peterson, the company’s chief executive officer, said, “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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