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Visa Invests in Deserve to Boost Access to its Credit Card-as-a-Service Product

Credit card innovator Deserve is getting a boost this week. That’s because Visa invested an undisclosed amount into the credit card company, which already counts $287 million in total funding.

The two have also formed a strategic partnership with an aim to expand access to Deserve’s credit-card-as-a-service for financial institutions, fintechs, and brands. This comes after the two parties collaborated in Visa’s Fintech Fast Track program to launch a credit card with crypto rewards in partnership with BlockFi.

“Visa’s Crypto team collaborated with BlockFi and Deserve to launch a crypto rewards credit card that would appeal to crypto enthusiasts and introduce crypto to the masses,” said Visa’s Vice President of Crypto AJ Shanley. “The BlockFi Bitcoin rewards credit card has been an immediate success. We are excited about our partnership and new investment in Deserve and are looking forward to continuing to drive the adoption of crypto powered card programs together.”

Founded in 2013, Deserve rebranded from SelfScore in 2017. The company has re-imagined traditional credit cards, thinking outside of the 3.37 inch by 2.125 inch plastic square. Deserve is bringing credit cards into the digital era by transforming the application and onboarding processes, as well as the credit card itself.

The company’s products include a co-branded credit card program to help firms create and launch their own credit card, a credit card-as-a-service offering that provides a turnkey card solution, and a direct-to-consumer digital-first card with a tandem mobile app. As Deserve Co-Founder and CEO Kalpesh Kapadia explains, “We’re transforming credit cards into software that lives on mobile devices not in wallets.”

Part of operating in today’s digital-first world includes helping firms compete with fintechs. Deserve offers commercial customers tools that go beyond traditional credit card rewards. For example, the company delivers additional capabilities to include Buy Now Pay Later, installment loans, and even payroll advance. Deserve’s clients include Sallie Mae, BlockFi, OppFi, Seneca Women, and Notre Dame.


Photo by Ruthson Zimmerman on Unsplash

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Source: https://finovate.com/visa-invests-in-deserve-to-boost-access-to-its-credit-card-as-a-service-product/

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