San Francisco-based FinTech firm Cardless a pioneer in the creation of custom co-branded credit card products, has announced securing a substantial credit facility.
The company has successfully raised a three-year $75m credit facility from the investment firm, i80 Group. In addition to this, an angel investment has also been received from Brian Kelly, the founder of The Points Guy.
Cardless has developed a digital-first approach to consumer credit, making it more accessible and engaging. The firm is dedicated to meeting the needs of consumer credit, offering co-branded credit card products that provide users with unique experiences and perks tailored to their interests.
The newly raised funds are intended to enable Cardless to fund customer receivables and fuel growth. In addition, the company aims to continue its collaboration with large, globally recognised brands.
Cardless’ credibility and reputation as an industry leader are emphasised by this agreement, particularly in a continually evolving macroeconomic environment. The firm’s co-branded credit card products continue to offer unique value to its partners’ customers, while delivering a seamless and rewarding user experience.
Cardless Co-Founder & President, Michael Spelfogel said, “We are excited to announce this debt partnership with i80 Group, which will increase our ability to be flexible in providing innovative and unique custom co-branded credit card products.
“With this credit facility, we are continuing our work with top-tier partners such as LATAM Airlines, Simon Property Group, American Express, and Liverpool Football Club as well as expanding avenues for co-branded credit card solutions.”
Additionally, it should be noted that Cardless has previously raised over $50m in equity funding from investors including Activant Capital, Greycroft, Accomplice, Pear VC, the ownership of Boston Celtics and Phoenix Suns, and the Founders of Plaid, Bonobos, Flatiron Health, and 100 Thieves.
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