This week Deserve raised $50 million from a number of investors including Goldman Sachs, adding a mountain of capital to its accounts.
Deserve raised a $50 million Series C, led by Goldman Sachs.
Deserve has raised before, including $2 million in known seed capital, and Series A1, A2, and A3 rounds worth $7.3 million, $7.1 million, and $7.2 million apiece according to Crunchbase data.
During a phone call, Deserve’s Kapadia said that he raised a round large enough that his company won’t “have to go to the market again.” He’s shooting to get profitable with this new round, which was surprising; if you can raise $50 million from Goldman, you can probably raise another fifty.
The company, which provides some credit cards of its own but is more focused on providing the ability for other groups to offer cards, has a particular view about where the credit market is going.
Deserve expects credit cards to become increasingly virtual and mobile, for example, themes that already fit into its product offering.
There are 600 million credit cards in the United States it said, (its CEO told Crunchbase News that he has a few dozen of them to his name) noting that it anticipates the makeup of the card landscape to change.
As its product helps groups offer cards focused on, say, grooming, or hotels, or food, it’s already in the middle of where it expects its market to move.