Cardless Raises $60M Series C to Revolutionize Credit Card Industry

Cardless, the credit card platform that empowers product-first companies to design and launch in-house cards, announced a $60 million Series C growth round led by Spark Capital. This latest round brings the company’s total funding to over $170 million. Investors also include Activant Capital, Industry Ventures, Pear VC, and other notable backers. Spark Capital has a history of supporting industry-transforming companies, including Slack, Twitter, Coinbase, and Anthropic.

Will Reed, General Partner at Spark Capital, said, “Cardless Series C represents a turning point. Cardless is pioneering embedded financial services, and partnerships with brands like Coinbase and Bilt have fueled 10x revenue growth. The company has the team, product, and momentum to transform a $200 billion industry.”

Platform Enables Faster, Smarter Credit Card Launches

The Cardless platform provides APIs and prebuilt components that cover the full credit journey, from applications to cardholder experience. Companies using Cardless can maintain control over customer relationships while offloading the complexity of underwriting, compliance, and cardholder support. Customer data and AI-powered decisioning enhance personalization, optimize offers, and accelerate iteration.

Significantly, cards can now be launched in as little as 90 days, compared to the 18 months typical of traditional banks. This speed allows brands to respond quickly to market demand while maintaining high-quality customer experiences.

Strong Growth and Strategic Partnerships

Cardless-built credit cards have delivered impressive results, with 400% year-over-year transaction growth. Users are spending far more than they do on legacy bank-issued cards. Current customers include Coinbase, Bilt, Qatar Airways, Alibaba, and more.

Michael Spelfogel, Co-Founder and President of Cardless, emphasized, “Legacy co-brands left billions on the table. Our platform enables companies to deepen loyalty, boost revenue, and deliver rewards people actually use. Over the next decade, financial services will move inside the brands consumers already love—and Cardless is leading the shift.”

Bilt’s CEO Ankur Jain also commented: “Cardless’s technological capabilities and focus on customer experience made them the perfect partner for Bilt Card 2.0. This will greatly enhance how Bilt Members earn and use rewards in their home and neighborhood.”

Funding to Expand Programs and Launch New Products

Cardless plans to use the Series C proceeds to grow existing card programs, launch new cards with top-tier partners, and introduce a broader range of financial products. The funding will enable the company to scale operations, enhance technology, and continue delivering personalized, user-centric financial experiences.

Moreover, the Cardless Series C funding highlights investor confidence in embedded finance solutions that allow brands to directly own the customer journey while providing modern financial products.

Looking Ahead

With this infusion of capital, Cardless is well-positioned to accelerate the transformation of the credit card industry. The company’s focus on product innovation, strategic partnerships, and rapid launch capabilities ensures it remains a leading player in embedded financial services, while helping brands increase loyalty and revenue.

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