I lead our fintech coverage at Forbes and also cover crypto. I edit our annual Fintech 50 and 30 Under 30 for fintech, and I’ve written frequently about leadership and corporate diversity. Before Forbes, I worked for ten years in marketing consulting, in roles ranging from client consulting to talent management.
Deserve, a credit card software company valued at $500 million in 2021, has faced a series of challenges–including having its largest customer, crypto lender BlockFi, go bankrupt.The 10-year old company is also backed by Visa, Mastercard and Accel and once had crypto lender BlockFi as its largest customer.
Industry insiders expect that if Deserve is sold, it will fetch less than half of its peak 2021 valuation. Not onlysince then, but Deserve has faced a special challenge—back in 2021, it was looking to grow in part by working with crypto lenders that wanted to issue credit cards. But later its biggest customer, crypto lender BlockFi, went bankrupt.apadia came to the U.S.
Back in March 2021, Kapadia told Forbes, “We have more business than we can handle … We have every bitcoin company talking to us for credit cards.” A few months later, Deserve helped crypto lender BlockFi launch a rewards card, and the ill-fated crypto company became Deserve’s largest customer. BlockFiAs interest rates continued to rise and the startup funding market froze, Deserve ran into another problem: other fintech customers started struggling to survive.
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