Mastercard and Goldman Sachs Invest in Fintech Company Deserve

Deserve, the US-based fintech firm, announced yesterday that the company has raised $50 million in the latest Series D investment round to drive the credit card transformation from plastic to the software platform for Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, lending and rewards.

According to an official announcement, financial services giant, Mastercard and the New York-based investment bank, Goldman Sachs participated in the latest round. Ally Ventures, Sallie Mae, Mission Holdings and the company’s previous investors joined the recent financing.

Founded by Kalpesh Kapadia, former Chief Executive Officer at Equanum Capital Management, Deserve is providing digital-first, mobile-centric, highly configurable API and SDK-based credit card solutions. The company is planning to use the recent funds to accelerate its mission to modernize the credit card stack.

Commenting on the Series D funding announcement, Kalpesh Kapadia, CEO and Co-Founder of Deserve, said: “This investment validates the industry’s embrace of a digital-first approach. 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.”

Partnerships

The fintech company mentioned that it has formed several partnerships in the last few years. In its latest collaboration, the company joined hands with BlockFi, one of the leading crypto platforms. “Deserve is the first credit card-as-a-service software platform to Leverage Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term Mastercard’s Digital First Program for instant issuance/provisioning for credit with uncompromising security and provides a seamless digital experience. Deserve has reimagined the credit card application process with a Mobile-First approach allowing consumers to apply, activate and provision their card in digital wallets within minutes,” the company mentioned in the official announcement.

Since the start of 2021, several financial technology platforms have raised significant amounts to accelerate the adoption of innovative fintech products. Earlier this month, Indian payments platform FamPay raised $38 million in a funding round led by Elevation Capital.