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FT Partners Advises Deserve on its $17,000,000 Financing

Overview of Transaction

  • On August 27, 2018, Deserve announced it has raised $17 million in a financing round led by Sallie Mae
  • Accel, Aspect Ventures, Pelion Ventures, Mission Holdings, Alumni Venture Group and GDP Venture also participated in the round
  • Deserve is a venture-backed FinTech company that helps people build credit and achieve financial independence
  • The Company has helped tens of thousands of customers from over 160 countries at over 1,800 universities across all 50 states
  • Deserve uses non-traditional data points and advanced machine learning algorithms to determine credit eligibility
  • Sallie Mae offers products that promote responsible personal finance, including private education loans, free scholarship search tools, free college financial planning tools, and online retail banking

Significance of Transaction

  • Deserve will use the financing to further scale its platform and infrastructure to achieve its mission of helping the 40 million college students and young adults in the U.S. gain financial independence through access to fair credit
  • The Company also plans to expand its “perks” program by offering exclusive offers from a number of new partners including Amazon Prime, T-Mobile, Lemonade, Feather, and Wikipedia

FT Partners' Role

  • FT Partners served as exclusive strategic and financial advisor to Deserve
  • This transaction underscores FT Partners' deep Alternative Lending and Banking Tech domain expertise and its successful track record generating highly favorable outcomes for high growth FinTech companies globally