Credit card company Deserve has secured $50m in a Series D funding round led by Mission Holdings, Mastercard and Ally Ventures.
The funding round also saw participation from Goldman Sachs Asset Management, Sallie Mae and other existing investors.
Founded in 2013, Deserve is a FinTech company that claims it is transforming credit cards into a software that lives on mobile. The company said it has a ‘state-of-the-art’ user experience that includes instant issuance and wallet provisioning that leverages Mastercard technology to drive higher activation, usage and engagement.
Deserve claims it has reimagined the credit card application process with a mobile-first approach that allows consumers to apply, activate and provision their card in digital wallets within minutes. The mobile-first approach will power mobile cards for major banks, FinTechs and financial institutions.
Deserve said that by transforming traditional credit cards into software, the company is able to create a modern platform that will allow the delivery of additional lending products such as buy now, pay later installments loans and payroll advance.
According to the company, the funding will be used to accelerate Deserve’s mission to modernise the credit card stack and enable the industry to launch and scale credit card programs quickly through modern APIs.
Deserve CEO and co-founder Kalpesh Kapadia 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.”
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