Atlanticus Holdings Corp (NASDAQ: ATLC) is a financial technology company that operates as a program manager, providing a technology platform and related services to bank partners that issue credit products to consumers. It makes money primarily by acquiring credit card and loan receivables from its bank partners at par, earning net interest income and fees on those receivables, and collecting merchant fees from retail partners who use its private label credit platform. The company operates two disclosed segments: Credit as a Service (CaaS), which covers general purpose credit cards and private label credit, and a separate auto finance unit. Its bank partners originate products targeting consumers at the lower end of the credit spectrum, with APRs on general purpose cards ranging from 19.99% to 36.0% and private label credit ranging from 0% to 36.0% as of FY2025. In early 2025, ATLC acquired Mercury Financial's portfolio for approximately $166.5 million in cash, adding roughly $3.2 billion in gross credit card receivables and 1.3 million additional customers. The company is headquartered in Atlanta, Georgia.

Revenue model

Atlanticus earns revenue by acquiring consumer loan and credit card receivables from bank partners, recording net interest income and fair-value changes on those receivables. It also collects merchant fees paid by retail partners at the time bank partners fund consumer transactions, and charges annual membership fees on certain card products. Bank partners receive monthly compensation for regulatory oversight, recognized by Atlanticus as a day-one liability at fair value.

Products and services

General purpose credit cards (APRs 19.99% to 36.0% in FY2025); private label credit cards for retail and healthcare merchants (APRs 0% to 36.0% in FY2025); technology platform and program management services for bank partners; receivables portfolio acquisitions including the Mercury Financial portfolio acquired in FY2025.

Customers and end markets

Primary end customers are non-prime consumers in the United States. Direct commercial customers are bank partners that originate credit products and are contractually obligated to sell resulting receivables to Atlanticus. Retail and healthcare merchants participate as partners in the private label credit platform, paying merchant fees of 0% to 65% of transaction value depending on credit risk and promotional terms.

Value-chain role

Atlanticus sits between bank partners and end consumers as a program manager and receivables acquirer. It designs credit products, provides the technology platform, acquires receivables post-origination, manages portfolio performance, and compensates bank partners for ongoing regulatory oversight of the underlying accounts.

Geographic exposure

United States only, based on filing disclosures. Operations are subject to U.S. federal and state consumer protection and lending regulations including the CARD Act, Dodd-Frank, TILA, and oversight by the CFPB and FTC.

Source: SEC 10-K, filed 2026-03-12

Industry: Personal Credit Institutions Peers: PROG Holdings Inc American Express Co Enova International Inc EZCORP Inc MONEYLION INC. Lendingtree Inc NerdWallet Inc Regional Management Corp Sunlight Financial Holdings Inc. World Acceptance Corp