Deserve, a provider of bespoke white label mobile-centric API and SDK-based credit card technology, has raised $50 million in a Series D funding round joint-led by Mastercard.
Mission Holdings and Ally Ventures joint led the round, with participation from existing backers including Goldman Sachs Asset Management and Sallie Mae.
Deserve says the funding will help it in its mission to modernise the credit card stack, and enable the industry to launch and scale programmes quickly via modern APIs.
The firm's user experience includes instant issuance and wallet provisioning leveraging Mastercard technology to drive higher activation, usage and engagement. Meanwhile, deep machine learning and AI promise to reduce churn while maximizing profitability for issuing partners.
Sallie Mae, BlockFi, OppFi, Seneca Women, Notre Dame cards are among the company's clients.
Kalpesh Kapadia, CEO, Deserve, says: “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.”