Deserve Secures $250 Million Credit Line

<p><strong>PALO ALTO<&sol;strong> &&num;8212&semi; Deserve&comma; a fintech company expanding and powering the real-time credit card economy&comma; has secured a new &dollar;250 million credit facility with Goldman Sachs&comma; Cross River&comma; and Waterfall Asset Management&period;<&sol;p>&NewLine;<p>With Deserve&&num;8217&semi;s digital-first&comma; mobile-centric&comma; and highly configurable credit card platform&comma; the company will use this new funding to meet the growing demand from financial institutions&comma; fintechs&comma; and consumers&period;<&sol;p>&NewLine;<p>In the last year&comma; Deserve&&num;8217&semi;s platform business has successfully launched credit card programs for partners such as BlockFi&comma; M1 Finance&comma; OppFi&comma; Seneca Women&comma; Notre Dame Global Partnerships&comma; and KrowdFit&comma; among others&period; In 2022 and beyond&comma; Deserve plans to bring innovative card programs that help consumers manage subscriptions&comma; augment BNPL&comma; unlock their home equity as well as card programs for SMBs and commercial customers&period;<&sol;p>&NewLine;<p>&&num;8220&semi;At Deserve&comma; we&&num;8217&semi;re committed to helping organizations quickly and securely launch any type of credit card product in the cloud&comma; customized to their specific audience – a valuable touchpoint with customers and a must-have in today&&num;8217&semi;s landscape of competitive brand loyalties&comma;&&num;8221&semi; said Kalpesh Kapadia&comma; CEO and Co-Founder of Deserve&period; &&num;8220&semi;Because our platform is digital-first and mobile-centric&comma; customers can&comma; in turn&comma; begin using their Deserve-powered credit card minutes after application&comma; no plastic required&period; We&&num;8217&semi;re excited about what this new financing will enable us to do as we amplify our reach and help more fintechs&comma; financial institutions&comma; SMB lenders&comma; and brands connect with and grow their customer base&period;&&num;8221&semi;<&sol;p>&NewLine;<p>&&num;8220&semi;We&&num;8217&semi;re proud to support Deserve&&num;8217&semi;s growth with our credit facility&comma; and we&&num;8217&semi;re excited to play a role in bringing a more modern and complete credit card experience to consumers nationwide through Deserve’s credit card as a service platform&comma;&&num;8221&semi; said Rahul Jha&comma; Head of Strategic Direct Lending at Cross River Bank&period;<&sol;p>&NewLine;<p>This &dollar;250 million credit facility announcement comes on the heels of Deserve&&num;8217&semi;s &dollar;50 million Series D equity raise&comma; led by Mission Holdings&comma; Goldman Sachs&comma; and Sallie Mae with participation from Visa&comma; Mastercard&comma; and Ally Bank in October 2021&period; Deserve witnessed tremendous growth in 2021 with 650&percnt; growth in transactions volume and 800&percnt; growth in receivables and this new credit facility should help them scale even higher levels in 2022 and beyond&period;<&sol;p>&NewLine;