Embedded credit card platform Cardless has successfully raised $30 million in growth equity funding.
Since the beginning of 2023, Cardless has achieved remarkable 10x revenue growth by creating co-branded credit cards for top brands. The platform features direct integration with the three largest card networks: Visa, Mastercard, and American Express.
Michael Spelfogel, co-founder and president of Cardless, stated, “Over the last 12 months, we’ve been able to design products for some of the best brands in the world, including Qatar Airways and Alibaba. These brands chose us because of our differentiated approach to the entire co-brand experience. From embedded servicing to leveraging a brand’s data for personalized sign-up offers, Cardless delivers an experience that legacy banks and other fintechs cannot match. We’ll use this funding to further build out a world-class team, enabling us to scale both new and existing programs.”
Cardless has seen its cardholder numbers double in the past six months, with its premium co-branded cards averaging nearly 20 transactions per month, indicating strong consumer engagement.
The funding round was led by Activant Capital, with contributions from both new and existing investors, including Mischief, Industry Ventures, Thayer Ventures, Assurant, and American Express. This funding brings Cardless’ total equity funding to over $90 million.
Andrew Steele, Co-founder of Activant Capital, commented, “Cardless is targeting one of the largest markets in fintech that has historically been woefully underserved. Before Cardless, the largest brands in the world were hesitant to launch credit cards because the customer experience provided by legacy banks did not meet their standards. Cardless has taken the challenge head-on, launching cards with some of the most sought-after brands on the market. They have built the only embedded platform capable of servicing both consumers and SMBs, and we’re excited to support their continued growth with large programs for leading companies.”