Deserve raises $50 million

Deserve , the Menlo Park-based company that helps international students, millennials and Gen Z’s gain access to credit, announced that it raised a $50 million Series D funding round led by Mission Holdings, Mastercard and Ally Ventures with participation from Goldman Sachs Asset Management, Sallie Mae and other existing investors.

Founded in 2014 as SelfScore, Deserve initially offered an alternative credit scoring technology for credit card issuers. It later rebranded to Deserve and began issuing its own credit cards in partnership with Utah-based Celtic Bank. Deserve has raised just over $287 million in funding.

“This investment validates the industry’s embrace of a digital-first approach. We have rebuilt the consumer’s entire credit card experience from the ground up, transforming the plastic credit card into software that delivers a superior digital experience and forever changes how we use credit cards to make payments, earn rewards and borrow money.” – Kalpesh Kapadia, Deserve CEO and Co-Founder.

“With its Digital First Card, Deserve is leading the modernization of the credit card from a piece of plastic to a powerful software that will drive the digital transformation of the industry and we are thrilled to partner with Deserve to make it possible.” – Saurabh Mittal, Chairman of Mission Holdings .