Embedded credit card platform Cardless has successfully raised $60 million in a Series C growth round led by Spark Capital. This latest funding brings Cardless’s total investment to $170 million, with participation from Activant Capital, Industry Ventures, and Pear VC.
The Cardless platform offers APIs and prebuilt components, allowing companies to create custom credit card experiences—from application to cardholder interaction—without assuming the associated risks or complexities. The firm emphasizes that its customer data and AI applications facilitate smarter decision-making, faster iterations, and more relevant offers. Cards can be launched in as little as 90 days, significantly quicker than the 18-month timelines typical of traditional banks.
Recently securing deals with Coinbase and Bilt, Cardless plans to utilize this funding to expand its existing programs and introduce a wider array of financial products. Michael Spelfogel, president of Cardless, stated, “Legacy co-brands left billions on the table. Cardless empowers companies to enhance loyalty, increase revenue, and deliver rewards that users actually appreciate. Over the next decade, financial services will integrate into the brands that consumers already love—and Cardless is at the forefront of building the infrastructure to enable this shift.”