Deserve, a US-based card technology venture, has raised $50mn in a Series D funding round jointly led by Mastercard, Mission Holdings, and Ally Ventures.

The round also saw participation from Goldman Sachs Asset Management, Sallie Mae, and other existing investors.

Deserve intends to use the proceeds to modernise the credit card stack and aid the industry in launching and scaling credit card programmes through modern APIs.

It is the first credit card-as-a-service software platform to leverage Mastercard’s Digital First Program for instant issuance/provisioning for credit.

It uses deep machine learning and AI across the cardholder lifecycle to maximise profitability for issuing partners.

Deserve CEO and co-founder Kalpesh Kapadia said: “This investment validates the industry’s embrace of a digital-first approach.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“We have rebuilt the consumer’s entire credit card experience from the ground up, transforming the plastic credit card into software that delivers a superior digital experience and forever changes how we use credit cards to make payments, earn rewards and borrow money.”

Deserve’s client base includes Sallie Mae, BlockFi, OppFi, Seneca Women, Notre Dame cards, among others.

Mission Holdings chairman Saurabh Mittal said: “With its Digital First Card, Deserve is leading the modernisation of the credit card from a piece of plastic to a powerful software that will drive the digital transformation of the industry and we are thrilled to partner with Deserve to make it possible.”