Deserve, a credit card technology startup, said it secured a $250 million credit facility from banks led by Goldman Sachs Group.
Cross River Bank and Waterfall Asset Management also participated in the facility, according to a statement. The new funding comes after Deserve raised $50 million in equity last year in a round that valued the company at more than $500 million, Bloomberg News reported at the time.
Deserve has said it’s looking to provide alternative forms of rewards than just points or miles; it offers cryptocurrency rewards on a card it offers with BlockFi, for instance. With the latest funding, the company is looking to offer card programs for more commercial customers.
“We’re excited about what this new financing will enable us to do as we amplify our reach and help more fintechs, financial institutions, SMB lenders, and brands connect with and grow their customer base,” Kalpesh Kapadia, Deserve's chief executive, said in the statement.
Deserve said it is also planning to introduce card programs that help users manage subscriptions or better access their home equity.
