Cardless, a company that helps businesses create and launch their own branded credit cards, has announced a $60 million Series C funding round. The investment was led by Spark Capital, a firm known for backing major tech companies like Slack, Twitter, and Coinbase. This latest round brings Cardless’s total funding to over $170 million, with continued support from investors such as Activant Capital, Industry Ventures, and Pear VC.
Cardless provides a platform that simplifies the entire credit card process for companies that want to design their own cards. Instead of relying on traditional banks, which often require long development timelines and complex infrastructure, Cardless provides tools that allow companies to launch a card in as little as 90 days. Their system includes APIs and ready-to-use components that cover the entire process, from application to cardholder experience. This means businesses can focus on building a product that fits their brand and customer needs, while Cardless handles the technical and regulatory details behind the scenes.
The platform utilizes customer data and artificial intelligence to enhance decision-making, personalize offers, and expedite development. Cardless also manages underwriting, compliance, and customer support, allowing companies to maintain control over their customer relationships without getting bogged down in operational challenges.
Cards issued through Cardless have seen strong performance, with a 400 percent increase in transactions year over year. Cardholders tend to spend more compared to those using traditional bank-issued cards. Some of the companies currently using Cardless include Bilt, Coinbase, Qatar Airways, and Alibaba.
How the funding will be used: With the new financing, Cardless plans to grow its existing card programs, partner with more companies to launch new cards, and expand into other financial products. The goal is to give businesses more control over how they offer financial services to their customers, using a flexible and modern platform that adapts to their needs.
KEY QUOTES:
“Cardless is pioneering embedded financial services and revenue is 10xing, fueled by partnerships with world-class brands like Coinbase and Bilt. Cardless has the team, product, and momentum to transform and capture a significant share of a $200B industry. This financing represents an inflection point as the company transitions from building to scaling rapidly. All of us at Spark are thrilled to partner on this journey.”
Will Reed, General Partner, Spark Capital
“Legacy co-brands left billions on the table. Cardless puts companies in control to deepen loyalty, boost revenue, and deliver rewards people actually use. Over the next decade, financial services will move inside the brands consumers already love—and Cardless is leading the shift by building the infrastructure to make it possible.”
Michael Spelfogel, Co-Founder and President
“Cardless’s technological capabilities and focus on customer experience made them the perfect partner for Bilt Card 2.0. This will greatly enhance how Bilt Members earn and use rewards in their home and neighborhood.”
Ankur Jain, Founder and CEO, Bilt
