Cardless Raises $30M to Revolutionize Co-Branded Credit Cards with Embedded Finance Innovations

Cardless, a startup aiming to improve the effectiveness of co-branded credit card schemes through embedded finance innovations, has secured $30 million in funding. The funding round is led by Activant Capital, with participation from Mischief, Industry Ventures, Thayer Ventures, Assurant, and Amex Ventures. The company, which offers Visa, Mastercard, and American Express card options, has reported a significant five-fold revenue growth over the past 12 months. It continues to focus on the U.S. market, working with both global and domestic brands to deliver more efficient and customized card experiences. 

Cardless's platform enables brands to swiftly set up and manage card applications within their own apps, integrate rewards, and monitor performance. The company's unique selling point lies in its ability to streamline the co-branded card creation process, offering features such as fraud detection, security, usage analytics, and potential lending services.

Looking ahead, Cardless is anticipated to expand its offerings, potentially catering to buy now, pay later services and financial tools for small and medium businesses. With plans to target existing co-branded card companies in the future, Cardless is positioned to disrupt the status quo in the credit card industry. Investors are optimistic about the company's potential, recognizing the substantial addressable market and the superior service Cardless can provide compared to traditional players.

Citation: PR Newswire