Credit card platform Deserve secures $250m credit facility

Customisable credit card platform Deserve has secured a $250 million credit facility from Goldman Sachs, Cross River and Waterfall Asset Management.

Deserve secures $250m credit facility

The new facility follows a $50 million Series D funding round in October 2021 featuring contributions from Mastercard, Goldman Sachs and Visa, among others.

The investment from Visa expanded a partnership that began under Visa’s Fintech Fast Track programme earlier that year, allowing the California-based firm to leverage Visa’s instant card issuance capability.

In the last year, Deserve has launched credit card programmes for partners such as BlockFi, M1 Finance and OppFi, among others.

It intends to roll out new credit card offerings from this year, including subscription management programmes, buy now, pay later (BNPL), home equity and SME card programmes.

CEO Kalpesh Kapadia says the company helps organisations quickly and securely launch any type of credit card product in the cloud, customised to their specific audience.

The company, which leverages machine learning and alternative data to provide underwriting solutions that expand financial inclusion, had a bumper year in 2021, with its platform witnessing a 650% growth in transactions volume and 800% growth in receivables.