Intuit, a prominent financial software provider in the United States, has announced plans to acquire the core technology assets and certain team members of Deserve, a company known for its modernized credit card infrastructure platform. Deserve’s cloud-native platform, supported by major financial entities such as Mastercard, Visa, and Goldman Sachs, has been at the forefront of offering software-driven solutions for payments, rewards, and lending. Securing a $250 million credit facility in 2022 highlights its significance in the industry.
This acquisition plays a crucial role in Intuit’s strategy to expand its range of financial services, aiming to provide businesses with enhanced capabilities for cash flow management and real-time financial insights. The transition will see Deserve’s employees in Palo Alto relocating to Intuit’s Mountain View headquarters, while the Pune, India team remains in place.
Finalized by the third quarter, the deal marks another progressive step for Intuit following its acquisition of SeedFi in 2022, which was integrated into its Credit Karma division. These strategic acquisitions underscore Intuit’s commitment to advancing its fintech offerings, ensuring competitiveness as the financial landscape evolves. The integration of Deserve’s technology is expected to fortify Intuit’s position in providing comprehensive financial solutions to its users.
