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Goldman Sachs leads $50M round for credit card platform Deserve

Deserve, a credit card startup helping young people establish themselves as well as a cloud-based credit card platform for businesses, has raised $50 million in a new round of Series C funding led by Goldman Sachs, the company announced today.

The funds will be put towards Deserve’s further development of what it calls its “Card as a Service” (CaaS) platform, which helps businesses, brands, and others tailor credit card products to their own unique customer bases.

In doing so, Deserve will some extent compete with other white-labeled and co-branded credit card issuers, like Synchrony Financial and Alliance Data, with its CaaS service aimed at businesses, fintech companies, consumer brands, and universities who want to offer their own financial products.

Since its August 2018 fundraising round, Deserve has partnered with clients like Sallie Mae, the New Jersey Institute of Technology and Honor Society to help them launch credit cards designed for their specific audiences.

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