Deserve, a FinTech aiming to expand the real-time credit card economy, has raised a $250m credit facility with Goldman Sachs, Cross River and Waterfall Asset Management.
With Deserve’s digital-first, mobile-centric, and highly configurable credit card platform, the company will use this new funding to meet the growing demand from financial institutions, FinTechs, and consumers.
In the last year, Deserve said its platform business has successfully launched credit card programmes for partners such as BlockFi, M1 Finance, OppFi, Seneca Women, Notre Dame Global Partnerships, and KrowdFit, among others.
In 2022 and beyond, Deserve said it plans to bring innovative card programmes that help consumers manage subscriptions, augment BNPL, unlock their home equity as well as card programs for SMBs and commercial customers.
Kalpesh Kapadia, CEO and co-founder of Deserve, said, “At Deserve, we’re committed to helping organisations quickly and securely launch any type of credit card product in the cloud, customized to their specific audience – a valuable touchpoint with customers and a must-have in today’s landscape of competitive brand loyalties.
“Because our platform is digital-first and mobile-centric, customers can, in turn, begin using their Deserve-powered credit card minutes after application, no plastic required. We’re excited about what this new financing will enable us to do as we amplify our reach and help more FinTechs, financial institutions, SMB lenders, and brands connect with and grow their customer base.”
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