Deserve, the card-as-a-service platform aimed at students and young adults, said it raised $50 million in funding, led by Goldman Sachs.
Existing investors Sallie Mae, Accel Aspect Ventures, Pelion Venture Partners and Mission Holdings participated in the round.
Deserve plans to build out its CaaS capabilities, hire engineers and data scientists to help build out the platform infrastructure, tools, APIs and machine learning capabilities, and expand the company’s sales and marketing.
“Deserve empowers organizations of all kinds — from major financial institutions to consumer brands to universities — to offer customized, branded credit cards with tailored rewards for their customers that in turn incentivize loyalty or other user behaviors,” company founder and CEO Kalpesh Kalpadia said in a company release. “Our API centric approach means the platform is highly scalable and can be deployed in an advanced timeframe.”
The company has partnered with organizations with private label or co-branded cards, ranging from Sallie Mae to the Honor Society and the New Jersey Institute of Technology.
Cover image: Deserve.
Companies: Goldman Sachs