From Chime launching the Chime Card to Atlanticus acquiring Mercury Financial, Andrew Davidson breaks down the key developments redefining the financial services industry. He also interviews Sumit Agarwal, Head of Cards at Upgrade and discusses what marketers can learn from Amex’s Platinum refresh teasers.
Want to discover more of Andrew’s cutting-edge insights on financial products, marketing strategies, and industry innovations? Follow him on LinkedIn, or listen to him as the host of Mintel’s Little Conversation podcast.
Here are the 5 things you need to know:
1. Interview with Sumit Agarwal: Head of Cards at Upgrade
In this episode of the Mintel Little Conversation podcast, I sat down with Sumit Agarwal, Head of Cards at Upgrade.
We cover:
- The secret sauce behind the Upgrade Card and why it hasn’t been replicated
- How Upgrade is solving credit card debt challenges for today’s consumers
- Upgrade’s culture of innovation through constant product iteration
- Upgrade’s ambitious plans to expand beyond seven million customers
- The marketing challenges facing non-traditional products
💡Time to upgrade
- Fresh momentum at Upgrade. With industry veteran Sumit Agarwal now Head of Cards, Upgrade is signaling a new chapter of growth and innovation as it continues to challenge the traditional credit card model. After a period of relative quiet, the company appears poised for a wave of product launches and strategic moves designed to capture new customers and differentiate itself from legacy players in lending and payments.
- A product made for the moment. At a time when U.S. consumers are carrying record levels of credit card debt and increasingly only paying the minimum due, Upgrade’s hybrid installment-credit model offers a more disciplined, responsible way to borrow. By combining the flexibility of revolving credit with the predictability of installment loans, Upgrade is positioning itself as a forward-looking solution for consumers seeking both convenience and financial control.
2. Chime launches the Chime Card
Goodbye to the Chime Credit Builder Secured Visa Credit Card. Goodbye to the Chime Cash Rewards Visa Credit Card that came and went. Hello to the Chime Card, “a secured credit card that blends premium design with powerful credit-building tools.”
- 1.5% cash back on rotating categories with no caps including groceries, restaurants, gas, cable, phone, and more tracked in the app.
- Free for Chime+ members (qualifying direct deposit required).
- Three card designs: Classic Black or Evergreen (free) or upgrade to Titanium for $50 + tax.
- No interest (a major differentiator vs. traditional secured cards).
How it works: Comes with a Chime Checking Account + Chime Secured Deposit Account (SDA). Funding your checking account automatically sets your Chime Card spending limit through the SDA.
💡Chime’s post IPO evolution
- Platform strategy evolves. After its recent IPO and the launch of the Chime+ membership platform, Chime is clearly doubling down on membership value. Two years ago, a rewards card tested the waters but didn’t get off the ground. Now, with 8.7M members and 23% YoY growth in Q2, this launch signals a broader post-IPO push to scale products and drive engagement.
- Standing out. Among secured cards, Chime is rare: no interest, a credit-building focus, and now competitive rewards paired with sleek card designs. Young consumers increasingly value card aesthetics, and while some fintechs have experimented with charging for premium designs, Chime is bringing the concept to the mainstream.
3. Atlanticus acquires Mercury Financial
Big news in NON-PRIME credit cards!
Atlanticus has acquired Mercury Financial, adding 1.3 million credit card accounts serviced and $3.2 billion in credit card receivables and bringing its total serviced accounts to over 5 million and its total managed receivables to over $6 billion.
Among some of the card brands now serviced under one roof and marketed heavily with Direct Mail: Aspire, Imagine, Fortiva, Mercury Financial plus co-brand cards with Spirit Airlines and Best Western Hotels.
💡Non-prime opportunity
- Growth opportunity. Combining Atlanticus’s subprime expertise with Mercury’s near-prime platform creates a larger, more diversified portfolio. The press release references cost savings as a result of the merger but also growth opportunities with “increased customer acquisition through new marketing channels and product expansion within Mercury’s channels and Atlanticus’ existing markets.”
- A bigger trend in non-prime credit. This deal follows Merrick Bank’s acquisition of Ally’s credit card portfolio and Capital One’s acquisition of Discover as part of a consolidation wave in non-prime credit cards. It signals that specialists and major players alike see opportunity in subprime and near-prime credit as high rates, consumer credit stress and record levels of credit card debt make non-prime an attractive opportunity. Who’s next on the consolidation roadmap?
4. Gemini’s IPO
Spotted👀 on 34th Street. It has been a big few weeks for Gemini!
After its IPO on September 12th as Gemini Space Station, the company raised $425 million in a heavily oversubscribed offering and shares jumped on its debut. Investors clearly liked the story of a crypto platform expanding beyond trading into mainstream financial services.
Key nuggets from the Gemini S-1:
- 523,000 monthly transacting users who are buying and selling crypto, staking assets, using the Gemini Credit Card and more
- 70,000 credit cards issued
- 58,000 active cardholders
- 23,115 card sign-ups in the first half of 2025
- 30,000 card sign-ups in August 2025 driven by the new XRP edition of the Gemini Card with Ripple
💡Gemini seizes the moment
- Credit card as a strategic bet. The numbers aren’t exactly eye-popping, but Gemini is positioning its credit card as the bridge between traditional finance and the cryptoeconomy and sees tremendous opportunity for growth among its 500K-plus monthly users. With co-branded partnerships like Ripple driving big spikes in sign-ups and armed with IPO funds, Gemini is signaling that it wants the credit card to be a core growth engine, not a side product. Be on the lookout for a ramp-up in Gemini card marketing.
- Fintech IPOs are back. After a quiet few years, we are seeing new listings with real products and real customers driving the story. Gemini comes hot on the heels of successful IPOs from Klarna, Figure and others as investors reward fintechs that can demonstrate strong unit economics, diversified revenue streams, and paths to profitability, which is a sharp shift from the growth-at-all-costs era. With rates expected to come down and investor sentiment improving, the window for fintech offerings has clearly reopened.
5. What marketers can learn from Amex’s Platinum refresh teasers
American Express teased its Platinum refresh on Instagram starting around two weeks before the September 18th launch.
For marketers, this kind of advance notice is gold. It’s not just about knowing a date on the calendar, it’s about understanding how timing shapes campaign impact, audience attention, and competitive positioning.
💡Timing is everything
- When not to launch. Big launches dominate attention. If you’re not looking to go head-to-head, wait for the spotlight to fade before dropping your own campaign.
- When to counter-program. Or flip the script: use the same day to ride the buzz with a contrasting or complementary message that frames your card as the fresh alternative.
- A rising tide lifts all boats. Amex’s ad spend doesn’t just help them – it brings the whole premium card category into the spotlight, creating interest everyone can benefit from.
