Texas company has an office in Wilmington.
CreditShop Holdings LLC announced the Company officially changed its name to Mercury Financial Holdings LLC.
Mercury is headquartered in Austin, Texas, and has an 80-employee office in Wilmington. The company plans to expand its Delaware staff in keeping with the company’s growth.
The change came after the record growth of its flagship offering, the Mercury Mastercard.
“To help our customers manage their credit responsibly, so they can enjoy the benefits of having better credit and better lives.”
“I am inspired by our purpose of helping improve the lives of so many hard-working Americans, who deserve better credit. As Mercury Financial, we will continue to develop new ways to offer fair access to more credit card solutions to this large, historically underserved population,” stated James Peterson, CEO of Mercury Financial. “This transition marks the next step in the evolution of our business.”
The Company recently secured $100 million in incremental capital.
According to a release, advanced analytics, including machine learning and artificial intelligence, has been embedded in the Company’s underwriting and collections capabilities, improving both approvals and credit performance. The company recently acquired more than 200,000 new customers in the Mercury card portfolio, which has processed over $3 billion of purchase volume.
In the next phase of its expansion, the company is also partnering with existing co-branded card programs and issuers to extend their reach to what it describes as the “underserved near-prime population.”
The Company launched its first co-branded card partnership in February with Spirit Airlines, a discount carrier.
For more information on Mercury Financial, log on to www.MercuryFinancial.com.
Värde Partners, an alternative investment firm with experience in consumer finance, is the largest investor in Mercury Financial.