Nilson Report

Issue 1129 | Apr 2018


Companies featured in this issue include:

Top Issuers of U.S. Debit Cards, Purchase Volume 2017

Investments & Acquisitions—March 2018

Investments & Acquisitions in Money Transfers Since January 2017

Market Shares of Purchase Volume for Top U.S. Debit Card Issuers 2017

Top 50 Debit Card Issuers Ranked by Purchase Volume Per Card 2017

Top 50 Debit Card Issuers in the U.S. Ranked by Purchase Volume 2017

Market Shares of Purchase Volume for Top U.S. Debit Card Issuers 2017

The 5 largest U.S. debit card issuers are shown here along with their market share of the $2.729 trillion in Visa and Mastercard and PIN debit card purchase volume in 2017.

1. Wells Fargo,
2. Bank of America,
3. JPMorgan Chase,
4. PNC Bank,
5. U.S. Bank,

Full access to the Market Shares of Purchase Volume for Top U.S. Debit Card Issuers 2017 is available when you subscribe to The Nilson Report.



Deserve Expands Credit Cards Beyond Students

When it began two years ago, Deserve, then known as SelfScore, was an analytics and alternative credit scoring company aimed at bringing into the U.S. credit card system people with thin credit files or no credit files, particularly international students in the country. Deserve’s technology was well received by the risk management and credit card departments at top issuers. However, the company quickly realized a greater profit opportunity existed in opening credit card accounts directly.

In March 2016, Deserve started issuing credit cards in a partnership with Utah-based Celtic Bank. Since then, it has opened accounts in all 50 states for students from 1,800 universities who come from 150 countries. 

Deserve handles all card marketing using search technology, referrals from existing cardholders, affiliate partners (including Experian, BankRate, Credit Karma, and NerdWallet), and partnerships with colleges and universities. Currently, the company receives 15,000 to 20,000 applications a month.

Celtic Bank provides its bank identification number for Deserve credit cards. Deserve has raised $25 million in equity funding and recently closed a $50-million debt facility. Credit card account processing is handled by First Data and CoreCard.

This year, Deserve started offering credit cards to others—U.S. citizens, permanent residents, and immigrants who are not students—with thin-file or no-file profiles at mainstream credit bureaus. While there are 1.1 million international students in the U.S., Deserve believes there are more than 40 million other adults, including U.S.-born students and young professionals, who could qualify for one of the three Mastercard credit card products it offers. With all three products, Deserve promotes financial literacy and emphasizes the cardholder’s opportunity to build a mainstream credit profile.

Kalpesh Kapadia is CEO at Deserve in Menlo Park, California, (650) 397-9194,,

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