Deserve Valuation Tops $500 Million as MasterCard and Ally Ventures Invest
- Goldman, Mission Holdings and Sallie Mae also backed startup
- Palo Alto firm seeks to be profitable in first half of 2023
This article is for subscribers only.
Deserve, a credit-card technology startup, raised $50 million from backers including Mastercard Inc. and Ally Financial Inc.’s strategic investment arm, its chief executive officer said in an interview.
Mission Holdings, Goldman Sachs Group Inc., Sallie Mae and other existing investors participated in the funding round, proceeds of which will be used to launch card programs and accelerate growth, CEO Kalpesh Kapadia said. The company is seeking to provide rewards unlike traditional methods of cash-back, points or miles. Already, one of its partners, BlockFi, offers cryptocurrency rewards and another, Seneca Women, rewards spending at women-owned businesses.