Deserve, a Fintech company transforming credit cards into mobile-centric software, has received a strategic investment from Visa to expand access to Deserve’s credit-card-as-a-service for financial institutions, Fintechs and brands. Visa joins Mission Holdings, Mastercard, Ally Ventures, Goldman Sachs Asset Management and Sallie Mae in supporting the company.
“This investment validates the industry’s embrace of a digital-first, embedded approach driven by APIs and SDKs,” said Kalpesh Kapadia, Deserve co-founder and CEO. “We’re transforming credit cards into software that lives on mobile devices not in wallets.”
Last year, Visa selected Deserve as a launch partner for its Fintech Fast Track program, which supports digital payment innovation by making it simple to collaborate with Visa and launch new fintech products. Earlier this summer, under the Fintech Fast Track program, Deserve partnered with BlockFi and Visa to launch the world’s first credit card with crypto rewards.
“Visa’s crypto team collaborated with BlockFi and Deserve to launch a crypto rewards credit card that would appeal to crypto enthusiasts and introduce crypto to the masses,” said AJ Shanley, vice president of crypto at Visa. “The BlockFi Bitcoin rewards credit card has been an immediate success. We are excited about our partnership and new investment in Deserve and are looking forward to continuing to drive the adoption of crypto powered card programs together.”
Deserve is one of the first credit card-as-a-service software platforms to leverage Visa’s instant issuance with uncompromising security and provide a seamless digital experience. Under Kapadia’s vision the company has reimagined the credit card application process with a mobile-first approach, allowing consumers to apply, activate and provision their card in digital wallets within minutes.
The mobile-first platform will power mobile cards for major banks and financial institutions, fintechs and brand partners to offer innovative and differentiated rewards beyond simple cashback, points and miles.
Deserve delivers its services through digital-first, mobile-centric, highly configurable API and SDK based credit card solutions. Using machine learning and alternative data, the company provides partners with state of the art underwriting solutions that expand financial access. They also work with financial institutions, fintechs, consumer brands, universities and associations to develop, deploy and power white label and co-branded credit card programs.
Current investors include Mastercard, Goldman Sachs Asset Management, Sallie Mae, Ally Ventures, Visa, Accel, Pelion Venture Partners, Aspect Ventures, and Mission Holdings.