Cardless, which partners with brands to offer co-branded credit cards, providing consumers with tailored rewards and benefits, raised $30 million in funding.
Activant Capital led the investment round with participation from Mischief, Industry Ventures, Thayer Ventures, Assurant, and American Express.
Apart from offering co-branded credit cards, Cardless has also ventured into the business and e-commerce space by partnering with Alibaba to introduce its first business credit card, designed for small and medium-sized businesses.
As per the official press statement, Cardless intends to use the fresh funds to support the continued development of its co-branded credit card and loyalty products, ongoing talent hiring in engineering and operations, and expansion into major retail, e-commerce, and SMBs.
Commenting on the funding announcement, Michael Spelfogel, Co-Founder and President of Cardless, said: “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-branded card experience. From embedded servicing to leveraging a brand’s data for personalized sign-up offers, Cardless delivers an experience that other cobrand-focused banks and 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,” added Michael Spelfogel.
Including the latest funding round, Cardless has raised over $90 million in equity funding since its inception in 2019. Cardless, more recently in 2021, secured a $40 million Series B funding round led by Activant Capital.