Visa Makes Investment in Credit Card Tech Startup Deserve

·1-min read

Deserve said it received a strategic investment from Visa Inc. after an earlier report from Bloomberg on the relationship.

  • Deserve launched a Visa credit card in partnership with cryptocurrency financial services provider BlockFi in July. The card allows customers to earn rewards in the form of bitcoin.

  • Visa chose Deserve last year as a partner for its Fintech Fast Track program, which supports digital payment innovation, according to the statement

  • Mastercard previously invested in Palo Alto, California-based Deserve in June in a $50 million funding round that valued the company at more than $500 million, according to Bloomberg.

  • Visa also joins additional investors including Goldman Sachs Asset Management and Mission Holdings

  • Transaction volume for the card is approaching $2 billion on an annualized basis, and BlockFi cardholders are projected to spend roughly $30,000 per year, 50% above that of average credit card holders, Deserve’s co-founder and CEO Kalpesh Kapadia told Bloomberg.

Read more: Mastercard Is Integrating Crypto Payments Through a New Partnership With Bakkt

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