CreditShop is now Mercury® Financial
WILMINGTON, Del. & AUSTIN, Texas – (COMMERCIAL THREAD) – CreditShop Holdings LLC (CreditShop) announced that the company has officially changed its name to Mercury® Financial Holdings LLC (Mercury® Financial). The largest non-bank credit card company in the United States is rebranding following the record growth of its flagship Mercury® Mastercard® offering and the introduction of its focused mission to its blue chip customers.
The Company’s new mission is “to help our customers manage their credit responsibly, so they can enjoy the benefits of better credit and a better life.” We responsibly say yes to as many people as possible. Our products, prices and services are simple and intuitive. We use the power of data and the information it provides to give customers the information and tools they need to help them make better credit decisions.
“I’m inspired by our goal to help improve the lives of so many hardworking Americans who deserve better credit. As Mercury® Financial, we will continue to develop new ways to provide equitable access to more credit card solutions to this large, historically underserved population, ”said James Peterson, CEO of Mercury® Financial. “This transition marks the next step in the evolution of our business. ”
The company also recently secured $ 100 million in additional capital to support the accelerated acquisition of new card accounts and platform expansion. The company’s shareholders recognize the increased market opportunity as the usefulness of a credit card has fundamentally changed since the last recession. Credit cards are now the dominant payment method in the United States, and their importance is evident in recent consumer behavior as the digital economy accelerates.
Since its launch in 2013, Mercury® Financial has developed a differentiated and exclusive understanding of the goals and ambitions of the premier client. Advanced analytics, including machine learning and artificial intelligence, have been built into the company’s underwriting and collection capabilities, improving both approvals and credit performance. As a result, the company recently acquired over two hundred thousand new customers in the Mercury® card wallet which processed over $ 3 billion in purchase volume.
In the next phase of its expansion, the Company is also partnering with co-branded card programs and existing issuers to extend their reach to the underserved near-prime population. This complementary lender model is the first of its kind in the industry and provides the near-premium customer with better access to loyalty programs in the partner segment, while increasing sales and engagement of our co-partners. Mark. As part of this strategy, the Company launched in February its first co-branded card partnership with Spirit Airlines, the leader in customizable air travel serving the United States, the Caribbean and Latin America.
Aneek Mamik, Global Co-Head of Financial Services at Värde Partners, one of the world’s leading alternative investment firms and the largest shareholder of Mercury® Financial, said: “We are excited about the growth trajectory and the technological innovation from Mercury® Financial. The additional capital will allow Mercury® Financial to grow further and seek to become the leading provider of credit cards to hard-working Americans of all walks of life. ”
To learn more about Mercury® Financial, please visit www.MercuryFinancial.com.
About Mercury® Financial
Mercury® Financial (the “Company”) is the largest non-bank credit card company in the United States and is led by CEO James Peterson and a seasoned management team with decades of experience at major banks. Mercury® Financial’s mission is to help our customers manage their credit responsibly, so they can enjoy the benefits of better credit and a better life. Mercury® Financial provides fair and transparent credit card offerings that target consumers through direct mail, digital affiliates, email origin channels, and co-branded partnerships. To date, the company has extended lines of credit of $ 2.5 billion and has helped nearly a million customers with a credit card that earns rewards, has no monthly issuance or uptime fees. and has an affordable APR.
Mercury® Financial has created a data and technology-centric credit card issuance and service platform ideally positioned to identify and attract the premium consumer segment to accelerate the growth of new accounts. The company has recently created over two hundred thousand new accounts using this sophisticated service platform. With offices in Wilmington, Delaware and Austin, Texas, the Mercury® Financial team is committed to delivering simple, easy-to-understand credit cards with the tools and flexibility that deliver superior value to its customers.
Värde Partners, one of the world’s leading alternative investment firms with extensive experience in consumer credit, is the largest investor in Mercury® Financial. Värde Partners manages over $ 14 billion on behalf of a global investor base.
The Mercury® Mastercard® and free spirit® Mastercard points® are issued by First Bank & Trust, Brookings, SD under license from Mastercard® International Incorporated.
Mastercard is a registered trademark and the design of the circles is a trademark of Mastercard International Incorporated.
Free Spirit® is a registered trademark of Spirit Airlines, Inc.