Deserve, the venture-backed Fintech firm expanding and powering the real-time credit card economy, recently announced a $250 million 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’s platform business has “successfully launched credit card programs for partners such as BlockFi, M1 Finance, OppFi, Seneca Women, Notre Dame Global Partnerships, and KrowdFit, among others.”
In 2022 and beyond, Deserve plans “to bring innovative card programs 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, stated:
“At Deserve, we’re committed to helping organizations 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.”
Rahul Jha, Head of Strategic Direct Lending at Cross River Bank, added:
“We’re proud to support Deserve’s growth with our credit facility, and we’re excited to play a role in bringing a more modern and complete credit card experience to consumers nationwide through Deserve’s credit card as a service platform.”
This $250 million credit facility announcement “comes on the heels of Deserve’s $50 million Series D equity raise, led by Mission Holdings, Goldman Sachs, and Sallie Mae with participation from Visa, Mastercard, and Ally Bank in October 2021.”
Deserve witnessed tremendous growth in 2021 “with 650% growth in transactions volume and 800% growth in receivables and this new credit facility should help them scale even higher levels in 2022 and beyond.”
As noted in a release, Deserve is “powering the future of fintech through digital-first, mobile-centric, highly configurable API- and SDK-based credit card solutions.”
Using machine learning and alternative data, Deserve “provides partners with state-of-the-art underwriting solutions that expand financial access.”
Deserve partners with financial institutions, Fintechs and consumer brands “to develop, rapidly deploy, and power white label and co-branded credit card programs.”
Deserve is “a venture-backed fintech company whose investors include Visa, Mastercard, Goldman Sachs Asset Management, Sallie Mae, Ally Ventures, Accel, Pelion Venture Partners, Aspect Ventures, and Mission Holdings.”