Additional capital to bolster fast-paced growth of industry-leading, digital-first credit card platform
MENLO PARK, CA / ACCESSWIRE / February 24, 2020 / Deserve, the venture-backed fintech company expanding and powering the real-time credit card economy, announced today a new $100 million credit facility with Credit Suisse AG. Sector Financial Inc., an affiliate of Credit Suisse, provided access to the Credit Suisse debt facility.
Deserve will use this new funding to meet financial institutions, fintechs and consumers' growing demand for Deserve's digital-first, mobile-centric, highly configurable credit card programs.
In the last year, Deserve's platform business has successfully launched credit cards for clients such as Sallie Mae, the New Jersey Institute of Technology (NJIT) and Honor Society. In 2020, Deserve plans to bring innovative card programs with rewards tied to wine, travel, cryptocurrency and fashion.
"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," said Kalpesh Kapadia, CEO and Co-Founder of Deserve. "Because our platform is digital first and mobile centric, those 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 - to amplify our reach and help more fintechs, financial institutions, universities and brands connect with and grow their customer base."
This $100 million credit facility announcement comes on the heels of Deserve's $50 million equity raise, led by Goldman Sachs in November 2019.
In February 2020 the company was ranked #4 on the Inc. 5000 Series list of the fastest-growing private companies in California and was recognized as one of Fast Company's "Most Innovative Companies" in 2019. The Deserve cards have been awarded the title of "Best of the Best for International Students" by NerdWallet, as well as named the "Best Credit Card for Students" in Money Magazine and Business Insider.
Through a digital-first, mobile-centric, highly configurable credit card solution that uses machine learning and alternative data, Deserve partners with universities, associations, financial institutions, fintechs and modern consumer brands to develop, rapidly deploy and power white label and co-branded credit card programs for any audience. The cloud-based platform also provides millennials and Gen Zs fair access to credit products and the tools to achieve financial independence.
Deserve is a venture-backed fintech company whose investors include Goldman Sachs, Sallie Mae, Accel, Pelion Venture Partners, Aspect Ventures and Mission Holdings. Accounts are issued by Celtic Bank, a Utah Chartered Industrial Bank, Member FDIC. Follow us on Facebook, Instagram and Twitter.
Kristina Pereira Tully
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