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FT Partners Advises Deserve on its $50,000,000 Financing

Overview of Transaction

  • On November 4, 2019, Deserve announced it has raised $50 million in financing led by Goldman Sachs (NYSE: GS) with participation from existing backers Sallie Mae, Accel, Aspect Ventures, Pelion Venture Partners and Mission Holdings
  • Deserve is a leading alternative credit card platform and Card-as-a-Service (CaaS) company that designs and powers customized credit card programs for top financial institutions, FinTech players, universities, and consumer brands to ultimately assist thin-credit file consumers in achieving financial independence
  • The proprietary platform enables customers to launch any type of credit card product, underwritten for their specific target audiences, utilizing non-traditional data points and advanced machine learning algorithms to determine credit eligibility

Significance of Transaction

  • With the new funding, Deserve will focus on further developing its CaaS offering, hiring engineers and data scientists to build out the platform’s infrastructure, tools, APIs and machine learning capabilities, as well as expanding its B2B sales and marketing division

FT Partners' Role

  • FT Partners served as exclusive strategic and financial advisor to Deserve
  • FT Partners previously advised Deserve on its $17 million financing led by Sallie Mae in 2018
  • This transaction underscores FT Partners' deep Banking Tech domain expertise and its successful track record generating highly favorable outcomes for high growth FinTech companies globally