Credit card business as a service Merit obtained a new capital injection from a strategic investor Visa, joining other branded funders like Mission Holdings, Mastercard, Ally Ventures, Goldman Sachs Asset Management and Sallie Mae.
According to a Press release Wednesday (Oct. 27).
Launched in 2013 in Silicon Valley, Deserve transforms credit cards into mobile-centric software and delivers a mobile-centric approach that allows people to apply and activate their cards in their digital wallets in just minutes. .
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“This investment validates the industry’s adoption of an integrated, digitally-driven approach driven by APIs and SDKs,” said Kalpesh Kapadia, co-founder and CEO of Deserve. “We’re turning credit cards into software that lives on mobile devices, not wallets. “
Deserve was chosen as the launch partner of Visa’s FinTech Fast Track program in 2020. As part of the program, Deserve partnered with BlockFi and, together with Visa, introduced the first credit card with Crypto rewards.
“Visa’s Crypto team worked 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.
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Shanley added that the card was received with enthusiasm and that Deserve’s support would help the two companies work together to advance “adoption of crypto-powered card programs.”
According to the press release, Deserve was among the first credit card as a service software platforms to leverage Visa’s instant issuance, which provides enhanced security and ease of use. Deserve’s mobile platform powers mobile cards for banks and FinTechs, offering a unique loyalty program that goes beyond cashback, points and miles.
FinTech uses machine learning and alternative data to provide its partners with “cutting edge underwriting solutions that expand financial access.” Deserve offers white label and co-branded credit card programs to financial institutions, banks, universities, associations and brands.