Deserve raises USD 250 mln credit facility

Thursday 12 May 2022 10:19 CET | News

US-based fintech Deserve has secured a USD 250 million credit facility from Goldman Sachs and others, to meet its customers’ demands.

In 2021, Deserve's platform business has launched credit card programmes for partners such as BlockFi, M1 Finance, OppFi, Seneca Women, Notre Dame Global Partnerships, and KrowdFit, among others. In 2022 and beyond, Deserve plans to bring innovative card programmes that help consumers manage subscriptions, augment BNPL, unlock their home equity as well as card programmes for SMBs and commercial customers.

Company officials stated that they're committed to helping organisations launch any type of credit card product in the cloud, customised to their specific audience, an important touchpoint with customers and a must-have in today's landscape of competitive brand loyalties. Because their platform is digital-first and mobile-centric, customers can, in turn, begin using their Deserve credit card minutes after application, no physical card required.

This USD 250 million credit facility announcement comes on the heels of Deserve's USD 50 million Series D equity raise, led by Mission Holdings, Goldman Sachs, and Sallie Mae with participation from Visa, Mastercard, and Ally Bank in October 2021. Deserve witnessed growth in 2021 with 650% growth in transactions volume and 800% growth in receivables, and this new credit facility should help them scale higher levels in the future.

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Keywords: lending, credit card, investment, funding, digitalisation, mobile payments
Categories: Payments & Commerce
Companies: Deserve, Goldman Sachs
Countries: World
This article is part of category

Payments & Commerce



Goldman Sachs

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