Cardless, a fintech company specializing in co-branded credit card solutions, has successfully secured $30 million in a recent funding round led by Activant Capital. This round also saw participation from both new and existing investors, including Industry Ventures, Amex Ventures, Mischief, Assurant Ventures, Thayer Ventures, Pear VC, and Commerce Ventures.
In 2024, Cardless expanded its portfolio by partnering with major airlines such as Qatar Airways and Avianca to launch new credit card products. The company also ventured into the B2B sector by collaborating with Alibaba Group to introduce a credit card tailored for small businesses. These strategic initiatives have contributed to a fivefold growth in Cardless’s business over the past year.
The newly acquired capital will be utilized to enhance Cardless’s platform, enabling companies to efficiently configure, launch, and scale their credit card programs. The company aims to integrate credit card acquisition and servicing into clients’ ecosystems, offering end users personalized and high-quality financial products.
Cardless distinguishes itself by providing co-branded credit card solutions across all three major global payment networks: Visa, Mastercard, and American Express. Notably, it is among the few fintech firms in the U.S. to offer a Visa Infinite product, Visa’s premium card variant.
The company’s growth metrics are impressive, with a tripling of Gross Transaction Value (GTV) and a fivefold increase in Annual Recurring Revenue (ARR) over the past year. Additionally, the number of cardholders has doubled in the last six months, and its premium co-branded cards are averaging nearly 20 transactions per month, indicating strong user engagement.
Michael Spelfogel, Co-Founder and President of Cardless, emphasized the company’s commitment to innovation, stating, “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.”
Andrew Steele, Co-founder of Activant Capital, highlighted the market potential, noting, “Cardless is attacking one of the largest markets in fintech that has historically been woefully underserved.”
With this infusion of capital, Cardless is poised to further its mission of delivering innovative, integrated credit card solutions that meet the evolving needs of both businesses and consumers.
