Deserve, a Menlo Park, CA-based real-time credit card company, secured $50M in equity funding.
The round was led by Goldman Sachs (NYSE:GS) with participation from existing backers Sallie Mae, Accel, Aspect Ventures, Pelion Venture Partners and Mission Holdings.
The company intends to use the funds to further develop its offering, hire engineers and data scientists to build out the platform’s infrastructure, tools, APIs and machine learning capabilities, as well as expand its B2B sales and marketing division.
Led by Kalpesh Kapadia, CEO and Co-founder, Deserve uses machine learning and alternative data to enable customers to launch any type of credit card product, underwritten for their specific target audiences. Additionally, the company has a mobile financial management application featuring credit education, cashback rewards and incentive program offerings from Mastercard, Amazon and Priority Pass.
Deserve partners with universities, associations, financial institutions, fintechs, and modern consumer brands to develop, deploy, and power white label and co-branded credit card programs for any audience.
Clients include Sallie Mae, the New Jersey Institute of Technology and Honor Society, among otehrs.