Venture-backed fintech company Deserve closed a new $100 million credit facility with Credit Suisse.
Sector Financial, an affiliate of Credit Suisse, provided access to the Credit Suisse debt facility.
Deserve will use this new funding to meet financial institutions, fintechs and consumers’ growing demand for Deserve’s digital-first, mobile-centric, highly configurable credit card programs.
In the last year, Deserve’s platform business has successfully launched credit cards for clients such as Sallie Mae, the New Jersey Institute of Technology (NJIT) and Honor Society. In 2020, Deserve plans to bring innovative card programs with rewards tied to wine, travel, cryptocurrency and fashion.
This $100 million credit facility announcement comes on the heels of Deserve’s $50 million equity raise, led by Goldman Sachs in November 2019.
Through a digital-first, mobile-centric, highly configurable credit card solution that uses machine learning and alternative data, Deserve partners with universities, associations, financial institutions, fintechs and modern consumer brands to develop, rapidly deploy and power white label and co-branded credit card programs for any audience
