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Deserve Adds Digital Processing Capabilities to Credit Card Issuing Platform

Deserve, a mobile-first credit card issuing platform, launched new digital processing capabilities that aim to help banks and credit unions transform digital payment experiences.

The capabilities, built using Mastercard technologies, provide direct connectivity to the Mastercard network for mobile apps or software development kits, Deserve said in a Tuesday (Oct. 24) press release. They are intended to deliver modern digital card issuance experiences to banks, FinTechs and cardholders.

“This is the latest in a series of collaborations that we have had with Mastercard in advancing digital issuing,” Deserve CEO Kalpesh Kapadia said in the release. “These new platform features will enable regional banks and credit unions to use digital processing capabilities to enhance credit card offerings for their customers and members.”

The integration of Mastercard’s Cloud Edge into Deserve’s platform offers security features and scalability, according to the release. The collaboration also incorporates Mastercard’s open banking solutions, delivered by Mastercard company Finicity, to enhance the offerings of financial institutions of all sizes.

“As consumers have moved to mobile in all aspects of their lives, offering mobile-native capabilities in identity verification, real-time interactions and controls, geo-location and more, are helping to redesign card products for an evolving user base,” Deserve Chief Technology Officer Rajan Annadurai said in the release.

The Deserve platform is designed to eliminate traditional credit card issuing obstacles, according to the release. Using the platform, regional banks and credit unions can employ configurable modules in origination, underwriting, rewards, credit policies and fraud to issue consumer and small business credit cards.

Deserve secured a $250 million credit facility with Goldman Sachs, Cross River and Waterfall Asset Management in May 2022. The credit card startup said at the time that the credit facility would help it expand its digital credit card offering to more people in more places and meet the increasing demand from financial institutions, FinTechs and consumers for the digital-first credit card offering.

In April 2022, the firm debuted its platform that lets banks and B2B companies launch corporate credit and charge cards. Deserve said the platform is designed for companies of all sizes and provides enterprise-level controls that make it easy for finance teams to track, manage and understand expenses.