Fintech Firm Deserve Secures $50 Million in Series D Round
Deserve, the US-based fintech firm, announced that it has secured $50 million in the latest Series D funding round, which was led by led by Mission Holdings, Mastercard and Ally Ventures with participation from Goldman Sachs Asset Management, Sallie Mae and other existing investors.
According to the official announcement, the funding will be instrumental in accelerating Deserve's mission to modernize the credit card stack, and enable the industry to launch and scale credit card programs quickly via modern APIs.
"This investment validates the industry's embrace of a digital-first approach," said Kalpesh Kapadia, Deserve CEO and Co-Founder. "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."
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 their card in digital wallets within minutes.
The Mobile-First platform will power mobile cards for major banks and FIs, Fintechs, Digital native co-brand partners and affinity groups to offer innovative and differentiated rewards beyond simple cashback, points and miles. For example, Deserve's new partner BlockFi offers rewards in cryptocurrency and Seneca Women is rewarding consumers for supporting women owned businesses.
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