Deserve, the US-based fintech firm, announced yesterday that the company has raised $50 million in the latest Series D investment round to drive the credit card transformation from plastic to the software platform for payments, lending and rewards.
According to an official announcement, financial services giant, Mastercard and the New York-based investment bank, Goldman Sachs participated in the latest round. Ally Ventures, Sallie Mae, Mission Holdings and the company’s previous investors joined the recent financing.
Founded by Kalpesh Kapadia, former Chief Executive Officer at Equanum Capital Management, Deserve is providing digital-first, mobile-centric, highly configurable API and SDK-based credit card solutions. The company is planning to use the recent funds to accelerate its mission to modernize the credit card stack.
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Commenting on the Series D funding announcement, Kalpesh Kapadia, CEO and Co-Founder of Deserve, said: “This investment validates the industry’s embrace of a digital-first approach. We have rebuilt the consumer’s entire credit card experience from the ground up, transforming the plastic credit card into software that delivers a superior digital experience and forever changes how we use credit cards to make payments, earn rewards and borrow money.”
The fintech company mentioned that it has formed several partnerships in the last few years. In its latest collaboration, the company joined hands with BlockFi, one of the leading crypto platforms. “Deserve is the first credit card-as-a-service software platform to leverage Mastercard’s Digital First Program for instant issuance/provisioning for credit with uncompromising security and provides a seamless digital experience. Deserve 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 company mentioned in the official announcement.
Since the start of 2021, several financial technology platforms have raised significant amounts to accelerate the adoption of innovative fintech products. Earlier this month, Indian payments platform FamPay raised $38 million in a funding round led by Elevation Capital.