Intuit has acquired the mobile-first technology platform from Deserve, a Palo Alto, CA-based fintech company.
Financial terms of the deal, which closed on April 18, weren’t disclosed. As part of the acquisition, Deserve’s employees in Palo Alto have joined Intuit’s team in Mountain View, CA, and Deserve’s Pune-based team members will continue to work from Pune, India.
Intuit said the move directly supports its connected business platform strategy to help customers run and grow their business all in one place.
- Related article: Intuit to Buy HR Platform GoCo
“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,” James Barrese, senior vice president of fintech at Intuit, said in a statement.
Founded in 2013, Deserve is a mobile-first credit card platform built on a cloud-native and API-enabled architecture, which allows partners to offer personalized experiences for cardholders. The company partners with financial institutions, other fintechs, lenders, and merchant co-brands.
“Our mission is to modernize the credit card stack,” Deserve says on its website. “Through a mobile-first, API-driven, configurable platform, we are digitally transforming credit cards from a piece of plastic to a software platform for payments, rewards, and lending.”
Kalpesh Kapadia, co-founder and CEO of Deserve, said, “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.”
Intuit also recently announced that it’s set to acquire GoCo, a provider of modern human resources and benefits solutions for small and mid-market businesses.
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