Cardless, a credit card platform that enables product-led companies to launch and manage their own co-branded cards, has closed a $60m Series C funding round.
The round was led by Spark Capital, with support from existing backers including Activant Capital, Industry Ventures and Pear VC. This latest raise brings Cardless’s total funding to more than $170m. Spark, known for investing in transformative businesses such as Slack, Twitter and Coinbase, also led Anthropic’s $450m Series C in 2023.
Founded with the aim of modernising how companies deliver financial products, Cardless provides a platform that gives brands end-to-end control over card programmes. Its infrastructure covers the entire credit journey, from applications to cardholder experience, while handling compliance, underwriting and servicing behind the scenes. APIs and prebuilt components allow companies to launch cards in as little as 90 days, compared with the much longer timeframes of traditional banks.
The fresh funding will be used to expand Cardless’s current card programmes, develop new partnerships with major brands, and broaden its financial product range. The company said the goal is to give businesses the tools to design and deliver financial services that strengthen customer relationships and drive loyalty.
The company has already signed major customers including Bilt, Coinbase, Qatar Airways and Alibaba. Cardless said transaction volumes across its cards grew 400% year-on-year, with spending levels well above those of traditional bank-issued products.
Spark Capital general partner Will Reed said, “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.”
Cardless co-founder and president Michael Spelfogel said, “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.”
Bilt founder and CEO Ankur Jain said, “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.”
The firm’s latest Series C follows earlier rounds that contributed to its $170m fundraising history, with backing from a mix of venture capital firms focused on disruptive financial technologies.
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