Mercury® Financial (“Mercury”) today announced the closing of a $200 million debt facility from client funds managed by Neuberger Berman. Mercury will use the funds to expand its credit card business and continue its mission of providing middle-class Americans responsible financial products to improve their lives.

“By analyzing financial data the right way, we can better assess risk and help more qualified Americans better manage their credit.” said James Peterson, Mercury Financial CEO. “We are committed to improving the financial lives of our customers. Neuberger Berman believes in our mission and their partnership will help us reach more underserved Americans, the bedrock of the US economy.”

Mercury caters to 36 million middle-class Americans who are often overlooked by banks. Using proprietary data, the Company’s unique business model leverages over 100 million data points to identify, underwrite and delight its customers with a prime credit card experience. Its digital toolset is built around its patent-pending oculus mobile app, which allows Mercury to engage better with its customers and encourage healthy credit use in a fun and intuitive way. Mercury Financial will use the proceeds of the transaction to originate additional credit card accounts, fund growth of its existing cardmember relationships, and innovate new capabilities to further enhance its customer experience.

“We see a massive opportunity for Mercury to reach our near-prime target market, which so many banks and non-bank lenders ignore.” said Jason Whiting, Mercury Financial CFO. “Regulatory limitations have discouraged banks from approaching this segment, while subprime lenders have traditionally relied on high fee products which often results in continued financial stress. We pride ourselves on being our customers’ bridge to a better credit experience and making a difference in the lives of our 1.5+ million cardmembers.”

“Mercury is a great company with a terrific customer base.” said Zhengyuan Lu at Neuberger Berman. “We are pleased to be a key capital partner for them as they grow and deliver value to their cardmembers.”

“Mercury Financial is driving expanded access to credit and financial inclusion to many underserved Americans.” said Aneek Mamik, Partner at Värde Partners. Värde has been the lead equity sponsor of the business since its founding in 2017.