Visa Backs Credit Card Company as a Service – TechStory
The credit card as a service company that provides credit cards as a service Deserve received new funding from Visa, joining other well-known supporters such as Mission Holdings, Mastercard, Ally Ventures, Goldman Sachs Asset Management , and Sallie Mae. Following the success of its crypto rewards card offered in cooperation with BlockFi, Visa has invested in Deserve.
Deserve received funding from Visa
Visa invested to help Deserve expand services to more banks, FinTechs and financial service providers (Oct 27), according to a press release on Wednesday.
Deserve, which launched in Silicon Valley in 2013, converts credit cards into mobile-centric software and adopts a mobile-centric strategy, allowing users to apply for and activate their cards in their digital wallets in a matter of minutes. only minutes.
Deserve Co-Founder and CEO Kalpesh Kapadia said, âThis investment supports the industry’s adoption of an integrated, digitally-driven approach driven by APIs and SDKs. “We are turning credit cards into software that resides on mobile devices rather than wallets,” the company says.
In 2020, Deserve was selected as the launch partner of Visa’s FinTech Fast Track program. Deserve has partnered with BlockFi and, in partnership with Visa, launched the first credit card offering Crypto incentives as part of the program.
According to Kalpesh Kapadia, the transaction volume for the card reaches $ 2 billion per year, and BlockFi customers are expected to spend around $ 30,000 per year, which is 50% more than normal credit cardholders.
AJ Shanley, Vice President of Crypto at Visa, said, âThe Visa Crypto team has partnered with BlockFi and Deserve to establish a crypto rewards credit card that would appeal to crypto enthusiasts and expose crypto to the General public “.
Shanley went on to say that the card was well accepted and that funding from Deserve will allow the two companies to work together to improve “adoption of crypto card systems.”
According to the press release, Deserve was one of the first credit card-as-a-service software platforms to use Visa’s immediate issuance, which provides enhanced security and ease of use. Deserve’s mobile technology powers mobile banking and FinTech cards, with a unique loyalty program that goes beyond cashback, points and miles.
Machine learning and alternative data are used by FinTech to provide its partners with âcutting edge underwriting solutions that improve financial accessâ. Deserve offers white label and co-branded credit card programs to financial institutions, banks, universities, groups and brands.
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