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Deserve

Also a provider — view Deserve’s profile →

“Can a cloud-native credit card issuing platform displace legacy processors by owning the full stack — origination, processing, servicing, and mobile experience — for banks, credit unions, and fintechs?”

Founded2013
HQPalo Alto, CA
FoundersKalpesh Kapadia
Total raised$150M+ equity + $250M credit facility
Latest roundSeries D, October 2021
IndustryInfrastructure / Card issuing
The story

Founded as a consumer credit card for thin-file borrowers, Deserve pivoted in 2019 to a 'Card as a Service' (CaaS) B2B infrastructure play, positioning itself as the modern, mobile-first alternative to legacy card processors. By 2021-2022, it had become a full-stack credit card issuing platform serving banks, credit unions, fintechs, and brands. In 2023, it deepened its infrastructure bet by launching native mobile issuer processing built on Mastercard's Cloud Edge, reducing reliance on traditional processors and owning more of the vertical stack.

Last 12 months
2023-10
Product timeline
2013
Founded as a consumer credit card platform targeting young people with thin credit files.· card
2019
Pivoted to 'Card as a Service' (CaaS) platform, raising $50M Series C led by Goldman Sachs to build B2B credit card infrastructure.· pivot
2021
Raised $50M Series D with Mastercard and Visa participation; joined Visa Fintech Fast Track program; launched card programs for BlockFi, M1 Finance, OppFi.· card
2022
Secured $250M credit facility from Goldman Sachs, Cross River, and Waterfall Asset Management; launched Commercial Credit Card Platform for banks and B2B companies.· lending
2023
Unveiled mobile-integrated issuer processing built on Mastercard Cloud Edge and open banking platform, enabling direct mobile/SDK connectivity to Mastercard network.· card
The stack
6 layers disclosed in Deserve’s embedded-finance stack
Card issuing
Deserve (self-operated)
Card network
in the full report
Ledger
in the full report
Lending
in the full report
Open banking
in the full report
Sponsor bank
in the full report
Accounting gap: none
13 more providers across 5 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.