Card-as-a-service startup Deserve raises $50 million

Card-as-a-service startup Deserve raises $50 million

Deserve, a provider of bespoke white label credit card and loyalty programmes for third party audiences, has raised $50 million in a funding round led by Goldman Sachs.

The round also includes continued investment from existing backers Sallie Mae, Accel, Aspect Ventures, Pelion Venture Partners and Mission Holdings.

Deserve says it will use the cash injection to further develop its card-as-a-service offering, hiring engineers and data scientists to build out the platform's infrastructure, tools, APIs and machine learning capabilities, as well as expanding its B2B sales and marketing division.

"Goldman Sachs is supportive of Deserve's mission to expand access to credit, and to simplify the ability for organisations to offer their own bespoke credit card products," says Ashwin Gupta, managing director, Goldman Sachs. "We believe Deserve's card platform will bring meaningful savings and new opportunities to institutions across a range of verticals."

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