Cardless, a credit card platform allowing companies to design and launch branded credit cards in-house, announced the close of a $60 million Series C funding round led by Spark Capital.
The new financing brings the company’s total capital raised to over $170 million to date. Other investors include Activant Capital, Industry Ventures, and Pear VC.
Spark Capital, which has previously backed high-profile companies such as Slack, Coinbase, and Anthropic, shows the potential of Cardless to reshape the $200 billion credit card industry.
“Cardless is pioneering embedded financial services and revenue is 10xing, fueled by partnerships with world-class brands like Coinbase and Bilt,” said Will Reed, General Partner at Spark. “This financing represents an inflection point as the company transitions from building to scaling rapidly.”
A Platform for Embedded Financial Services
Cardless differentiates itself by providing a platform that streamlines the full credit card journey. Its APIs and prebuilt components allow companies to manage every aspect of a card program — from application to customer experience — without assuming the complexity and regulatory risk typically associated with card issuance.
Cards built with Cardless can be launched in as little as 90 days, compared to the traditional 18-month rollout period with legacy banks.
The company also manages underwriting, compliance, and customer support, allowing brands to maintain control of their customer relationships while focusing on rewards and engagement.
Strong Momentum from Brand Partnerships
The company’s model has gained traction with high-profile brands, including Bilt, Coinbase, Qatar Airways, and Alibaba. Credit card programs built on the Cardless platform have reported 400% year-over-year transaction growth, with higher spending levels compared to cards issued through traditional banks.
“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,” said Michael Spelfogel, Co-Founder and President of Cardless.
Use of Funds and Expansion Plans
With the Series C funding, Cardless plans to expand existing programs, launch new co-branded cards, and develop additional financial products tailored to companies and their customers. The company’s goal is to empower brands to offer personalized financial services that align with their users’ needs.
“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,” said Ankur Jain, CEO of Bilt.
As Cardless scales, its combination of cutting-edge technology, strategic partnerships, and investor backing positions it to become a leading player in the next generation of credit card infrastructure.
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