Goldman Sachs leads $50M round for credit card platform Deserve
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 Holdings.
The funds will be put toward Deserve’s further development of what it calls its “Card as a Service” (CaaS) platform, which helps 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 at businesses, fintech companies, consumer brands and universities that want to offer their own financial products.
Deserve’s turnkey, 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 typical 18 to 24 months. It also leverages technology like machine learning alongside traditional financial data and other alternative and proprietary data sources in order to underwrite a larger population — including those who
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