The credit card giant VISA has made an undisclosed investment in Deserve after the success of its crypto rewards card issued in collaboration with Block Fi.
Deserve claimed to have received a strategic investment from Visa Inc. after a previous report was made public on the partnership. The chronology of the developments is as follows-
Deserve introduces a Visa credit card in collaboration with cryptocurrency financial services provider Block Fi in July. The card lets customers earn rewards in the form of bitcoin.
Visa zeroed in on Deserve last year as its partner for their Fintech Fast Track program, supporting digital payment innovation.
Earlier Mastercard had invested in Palo Alto, California-based Deserve in June in a $50 million funding round that made the company’s worth above $500 million.
Visa also joins other investors such as Mission Holdings and Goldman Sachs Asset Management.
Transaction volume for the card is nearing $2 billion on an annualized basis, and Block Fi cardholders are expected to spend approximately $30,000 each year, 50% more than average credit cardholders, according to Deserve’s co-founder and CEO Kalpesh Kapadia.