Cardless Secures $30M to Drive Co-Branded Credit Card Innovation
Slice of Finance Team
11/28/2024
Key Highlights:
- $30M growth investment led by Activant Capital, with participation from Mischief, Amex Ventures, and others.
- 10x revenue growth since early 2023 and fivefold increase in Annual Recurring Revenue (ARR).
- Expanded partnerships with global brands, including Qatar Airways, Avianca, and Alibaba.
- Only fintech powering co-branded cards on Visa, Mastercard, and Amex networks.
- Launched a Visa Infinite product, Visa's most premium card variant.
Source: PR Newswire
Quotes
“ "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." ”
Michael Spelfogel, Co-Founder and President at Cardless
Our Take:
Cardless is redefining the co-branded credit card space, addressing a major gap in customer experience for large brands. Its ability to integrate seamlessly with Visa, Mastercard, and Amex while delivering tailored rewards programs showcases the company's technological prowess. The $30 million investment reflects confidence in its capacity to scale and maintain its impressive growth trajectory, especially in challenging economic conditions. With high-profile partnerships like Qatar Airways and Alibaba, Cardless is setting a new standard for innovation in the co-branded credit card market.
