INSUBCONTINENT EXCLUSIVE:
Deserve, a credit card startup helping young people establish themselves, as well as a cloud-based credit card platform for businesses, has
raised $50 million in a new round of Series C funding led by Goldman Sachs, the company announced today
Others participating in the round include existing investors Sallie Mae, Accel, Aspect Ventures, Pelion Venture Partners and Mission
businesses, brands and others tailor credit card products to their own unique customer bases.In doing so, Deserve will to some extent
compete with other white-labeled and co-branded credit card issuers, like Synchrony Financial and Alliance Data, with its CaaS service aimed
cloud-based and API-based Deserve Credit Platform promises partners the ability to set up a program in as fast as 90 days, instead of the
It also leverages technology like machine learning alongside traditional financial data and other alternative and proprietary data sources
consumers have been avoiding credit cards in the hopes of not being dragged down by debt
Those born in or after 1995, for example, make up only 5% of United States consumers who carry credit card debts, reports have said
In addition to helping consumers quickly apply for credit right from their phones and get approved in minutes, the program also features
financial education and other perks like cashback rewards, and incentive programs from Amazon (Prime Student), Mastercard (cellphone
designed for their specific audiences
Its overall platform today serves more than 100,000 consumers.With its new investment led by Apple Card partner Goldman Sachs, Deserve
Kalpesh Kapadia claims.Deserve declined to share its valuation.Currently, Deserve is a team of 60, but it aims to grow to 100 over the next
