What Builds CreditCredit creates
The Deserve is a new business that focuses on supporting young individuals in lending. You cannot get a credit cards or students loans because you have no credit histories. However, they have no credit record because they cannot get a credit cards or students loans - or at least not a good one.
Kalpesh Kapadia, CEO and creator of Silicon Valley-based start-up Deserve, is all too aware of this predicament and today announced a $17 million financing round, spearheaded by credit to Sallie Mae, the huge player that includes early Facebook investors Accel and pelion, Aspect Ventures and Mission Holdings. Kapadia was repeatedly refused credit card and loan applications when he came to the USA from India to attend school.
"Kapadia said I was always rejected". "since I had no credit histories in the country." In spite of the acceptable amount of credit histories he had built up in places like India and Singapore, US credit firms still could not see his true credit standing, Kapadia said.
"Kapadia said, everything works to build a good credit history." "It'?s a gun, it's a instrument that can take your whole lifetime forward." Kapadia has set up its own business, Deserve, to address what it sees as a difficult issue for today's youngsters.
The Deserve credit cart was developed with Generation Z in view. Instead of giving out credit certificates on the basis of the applicant's finance records, Deserve will issue its credit certificates to anyone in posession of an US identity document and a banking accout. Kapadia points out that this offer is particularly attractive for foreigners who can use their visa to submit applications.
Kapadia aims to become the number one credit institution for young professionals and Deserve has developed an on-line finance training assistance service. "Kapadia said, everything works to make a good credit history." "Granting good credit is a gun, a means of advancing your life." Deserve is planning to use the new financing to set up its own e-commerce portal and further develop its premium program with partner companies such as Amazon Prime, T-Mobile and Wikipedia.