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Finance

Visa Makes Investment in Credit Card Tech Startup Deserve

The credit card giant has made an undisclosed investment in Deserve following the success of its crypto rewards card issued in partnership with BlockFi.

By Michael Bellusci
AccessTimeIconOct 27, 2021 at 1:26 p.m. UTC
Updated May 11, 2023 at 7:04 p.m. UTC
Visa Takes First Step Into NFTs With CryptoPunk Purchase for Almost $150K
Visa Takes First Step Into NFTs With CryptoPunk Purchase for Almost $150K

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.
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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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    Michael Bellusci

    Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

    Follow @mikeybellusci on Twitter
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