Goldman Sachs leads $50 million investment in millennial credit-card start-up Deserve

is betting on a Silicon Valley start-up that's seeking to modernize the systems underpinning the credit-card industry.directly to nontraditional consumers

with little credit history and other deficiencies using a cloud-based platform to determine their creditworthiness. It also sells that platform to corporations for them to offer their own branded cards. The company, which started out as SelfScore in 2013, initially targeted international students who couldn't get traditional credit cards. It later opened up to other groups of millennials who struggle to qualify for traditional cards because they lack a credit history, using machine learning and alternative data sets to make the determination whether to issue the cards.

Last year, the firm returned to its original plan of offering its tech to financial institutions and other companies, what it's dubbed "credit-card as a service," according to Deserve CEO Kalpesh Kapadia. Most of the industry still relies on 1970s era technology, including mainframes and the COBOL programming language, he said.

"There's a need for a modern, mobile-first, digital-first, highly configurable solution that's completely in the cloud," Kapadia said in a phone interview. "Goldman sees the value in that given they didn't have any legacy infrastructure when they started Marcus."

대한민국 최근 뉴스, 대한민국 헤드 라인

Similar News:다른 뉴스 소스에서 수집한 이와 유사한 뉴스 기사를 읽을 수도 있습니다.

Career advice from Goldman Sachs HR head: How to choose a new job - Business InsiderCareer advice from Goldman Sachs' HR chief focuses on looking for opportunities to learn and grow. That's why he's leaving to join a tech startup.
출처: BusinessInsider - 🏆 729. / 51 더 많은 것을 읽으십시오 »

Capital One Spark Business Credit Cards Limited Time Offers—$2,000 Sign-up BonusCredit card offers come and go, but these from Capital One's business cards are almost too good to pass up. O Brasil é isto e eu moro aqui moro aqui por que não posso fazer nada por mim morava no castelo da princesa no Palácio
출처: Forbes - 🏆 394. / 53 더 많은 것을 읽으십시오 »

You don't need a company with several employees to qualify for a business credit card — even side gigs like driving for Uber can countEven a side gig like driving for Uber or selling items on eBay can qualify you for a business credit card, and there are lots of perks to having one.
출처: BusinessInsider - 🏆 729. / 51 더 많은 것을 읽으십시오 »