Deserve secures $250 million line of credit
PALO ALTO – Deserve, a fintech company that develops and powers the real-time credit card economy, secured a new $250 million credit facility with Goldman Sachs, Cross River and Waterfall Asset Management.
With Deserve’s digital, mobile-centric and highly configurable credit card platform, the company will use this new funding to meet growing demand from financial institutions, fintechs and consumers.
Over the past year, Deserve’s platform business has successfully launched credit card programs for partners such as BlockFi, M1 Finance, OppFi, Seneca Women, Notre Dame Global Partnerships, and KrowdFit, among others. . In 2022 and beyond, Deserve plans to offer innovative card programs that help consumers manage subscriptions, increase BNPL, unlock home equity as well as card programs for SMBs and commercial customers. .
“At Deserve, we are committed to helping organizations quickly and securely launch any type of credit card product in the cloud, tailored to their specific audience – a valuable touchpoint with customers and a fixture in the landscape. current competitive brand loyalty,” said Kalpesh Kapadia, CEO and co-founder of Deserve. “Because our platform is digital-first and mobile-centric, customers can, in turn, start using their Deserve-powered credit card within minutes of application, with no plastic required. We are excited for what this new funding will allow us to do as we amplify our reach and help more fintechs, financial institutions, SME lenders and brands connect and grow their customer base.
“We are proud to support the growth of Deserve with our credit facility, and we are excited to play a role in delivering a more modern and comprehensive credit card experience to consumers nationwide through the Deserve’s credit card as a service platform,” said Rahul Jha, Head of Direct Strategic Lending at Cross River Bank.
This $250 million credit facility announcement follows Deserve’s $50 million Series D capital raise, led by Mission Holdings, Goldman Sachs and Sallie Mae with participation from Visa, Mastercard and Ally Bank in October 2021. Deserve has experienced phenomenal growth in 2021 with 650% growth in transaction volume and 800% growth in receivables, and this new credit facility is expected to help them reach even higher levels in 2022 and beyond.