Credit card business Deserve has secured an undisclosed strategic investment from Visa as the former seeks to expand access to its credit-card-as-a-service solution.
Visa joins other investors such as Mastercard, Goldman Sachs Asset Management and Ally Ventures who have invested in the growing FinTech firm.
Established in 2013, Deserve is a FinTech company that claims it is transforming credit cards into a software that lives on mobile. The firm has stated that it has a ‘state-of-the-art’ user experience that includes instant issuance and wallet provisioning that uses Mastercard technology to drive higher activation, usage and engagement.
Deserve was selected by Visa as a launch partner for its Fintech Fast Track program last year. The Fintech Fast Track program supports innovation in digital payments by simplifying the process to collaborate with Visa and launch new Fintech products.
Visa VP of crypto AJ Shanley said, “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. 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 co-founder and CEO Kalpesh Kapadia added, “This investment validates the industry’s embrace of a digital-first, embedded approach driven by APIs and SDKs. We’re transforming credit cards into software that lives on mobile devices not in wallets.”
Earlier this year, Deserve secured $50m in a Series D funding round. In 2019, the company raised $50m in an investment round backed by Goldman Sachs.
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