MFCCMT Series 2022-1 represents the 2nd term series of notes issued out of the master trust established in March of 2021.  Including this transaction, Mercury Financial has issued $1.4 billion of term notes and $650 million of variable funding notes from the master trust.

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.