Cardless Raises $60 Million to Expand Credit Card Platform

The company’s platform enables product-first companies to design every touchpoint of the credit journey, without taking on the risk or complexity of the project themselves and with the ability to launch cards in as little as 90 days, Cardless said in a Monday (Sept. 22) press release.

While companies control their customer relationship, Cardless handles behind-the-scenes tasks such as underwriting, compliance, design and cardholder support, according to the release.

With the new capital, Cardless will expand its existing card programs, launch new cards and add more financial products that are designed to help companies build and deliver financial products tailored to their users, per the release.

“Cardless puts companies in control to deepen loyalty, boost revenue and deliver rewards people actually use,” Cardless Co-founder and President Michael Spelfogel said in the release. “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.”

Will Reed, general partner at Spark Capital, which led the funding round, said in the release that Cardless is “pioneering embedded financial services and revenue is 10xing.”

“Cardless has the team, product and momentum to transform and capture a significant share of a $200B industry,” Reed said. “This financing represents an inflection point as the company transitions from building to scaling rapidly.”

Cardless raised $30 million in a November 2024 funding round, saying that funding would support its continued development of co-branded credit card and loyalty products, hire new talent in engineering and operations, and expand in the major retail, eCommerce and small and medium-sized business (SMB) markets.

The company entered the small business space in September 2024 when it partnered with Chinese eCommerce giant Alibaba to offer SMBs financial products and rewards designed to improve their financial stability.

In June, payments and commerce network Bilt said it partnered with Cardless to develop a Bilt Card 2.0 that will launch in February 2026. The new card will offer enhanced rewards, including points on both rent and mortgage, and will offer three distinct products, including a no-fee card option and premium cards with annual fees of $95 and $495.