Cardless raises $30M in funding round

Cardless, a fintech credit card solutions provider, has raised $30 million in an investment round led by Activant Capital. This brings its total equity funding to more than $90 million, according to a press release.

With this investment, Cardless will further develop its co-branded credit card and loyalty products on Visa, Mastercard and American Express.

“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,” Michael Spelfogel, co-founder and president of Cardless, said in the release. “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.”

“Cardless is attacking one of the largest markets in fintech that has historically been woefully underserved,” Andrew Steele, co-founder of Activant Capital, said in the release. “Before Cardless, the largest brands in the world had been unwilling to launch credit cards because the customer experience provided by cobrand-focused banks didn’t meet their standards. Cardless has been able to take the industry head on and launch cards with some of the most sought-after brands on the market. Cardless has built the only embedded platform capable of servicing both consumers and SMBs and we’re excited to double down as they continue to scale large programs for some of the best companies in the world.”