Visa Makes Strategic Investment in Deserve
Visa joins other notable investors including Mission Holdings, Mastercard, Ally Ventures, Goldman Sachs Asset Management and Sallie Mae in advancing Deserve’s mission to modernize the credit card stack.
“This investment validates the industry’s embrace of a digital-first, embedded approach driven by APIs and SDKs,” said Kalpesh Kapadia, Deserve Co-Founder and CEO. “We’re transforming credit cards into software that lives on mobile devices not in wallets.”
Last year, Visa selected Deserve as a launch partner for its Fintech Fast Track program, which supports digital payment innovation by making it simple to collaborate with Visa and launch new fintech products. Earlier this summer, under the Fintech Fast Track program, Deserve partnered with BlockFi and Visa to launch the world’s first credit card with Crypto rewards, which has set new benchmarks in adoption and usage.
“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 AJ Shanley, Vice President of Crypto at Visa. “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.”
Deserve is one of the first credit-card-as-a-service software platforms to leverage Visa’s instant issuance with uncompromising security and provide 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 mobile-first platform will power mobile cards for major banks and financial institutions, fintechs and brand partners to offer innovative and differentiated rewards beyond simple cashback, points and miles.
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