Intuit Expands Financial Solutions with Acquisition of Deserve’s Innovative Mobile-First Credit Card Platform
In a significant move within the fintech industry, Intuit, a leading financial software company based in Mountain View, California, has announced its acquisition of Deserve, a mobile-first technology platform headquartered in Palo Alto, California. This strategic acquisition is set to enhance Intuit’s offerings and solidify its position in the competitive financial services market.
Details of the Acquisition
The acquisition of Deserve was finalized on April 18, though the financial terms of the deal have not been disclosed. Following the acquisition, employees from Deserve’s Palo Alto office have integrated into Intuit’s Mountain View team, while those based in Pune, India, will continue their operations from the current location.
Strategic Alignment with Intuit’s Vision
Intuit’s acquisition of Deserve aligns with its overarching strategy to create a connected business platform, which allows customers to effectively manage and grow their businesses in one centralized location. James Barrese, the Senior VP of Fintech at Intuit, stated:
“With Deserve’s technology we’re further investing in our efforts to revolutionize money management. I couldn’t be more excited to work with the talented team members from Deserve as we fuel businesses’ growth and empower them to thrive.”
About Deserve and Its Technology
Founded in 2013, Deserve has established itself as a pioneering force in mobile-first credit card solutions. The platform employs a cloud-native and API-enabled architecture, catering to:
- Financial institutions
- Fintech firms
- Lenders
- Merchant co-brands
This technology enables these entities to deliver personalized experiences for cardholders, enhancing customer satisfaction and engagement.
Insights from Deserve’s Leadership
Kalpesh Kapadia, Co-Founder and CEO of Deserve, expressed his enthusiasm about the acquisition, saying:
“I’m proud of our mobile-first technology platform we’ve built at Deserve and the team that brought us to this critical milestone. I couldn’t be more excited to bring our technology to Intuit, a global leader in financial solutions, where we will have a significant impact on consumers and businesses.”
Conclusion
This acquisition not only strengthens Intuit’s portfolio but also enhances its capability to offer innovative financial solutions to its customers. As the fintech landscape continues to evolve, partnerships like these will play a crucial role in shaping the future of financial technology.
For more information about Intuit’s offerings, visit their official website. To learn more about the latest trends in fintech, check out this Forbes article.
