Cardless raises USD 75 million in debt deal with i80 Group

Wednesday 17 May 2023 08:12 CET | News

US-based financial technology company Cardless has announced its raise of a USD 75 million three-year credit facility in a debt deal made with i80 Group.

Following this deal, a warehouse facility will be built in order to give Cardless the possibility to fund customer receivables, as well as to improve its development process and its partnerships with globally recognised businesses and brands. 

The i80 Group debt facility is set to offer the company the needed flexibility to meet the needs, demands, and preferences of customers, as well as focus on the market requirements of its custom co-branded credit card products. This will enable Cardless to further prioritise the process of making customer credit services accessible, secure, and seamless for its client base.

With this deal, Cardless will offer its users benefits and rewards that were built to their interests from the brands and companies they shop from. Credit cards allow customers to easily manage their spending, transactions, and payments while being rewarded through the application. The members will earn points with every purchase they make and can choose from a range of benefits while being charged with no late fees and foreign transaction fees across the boards.

US-based financial technology company Cardless has announced its raise of a USD 75 million three-year credit facility in a debt deal made with i80 Group.

Cardless’ services and product launches

Cardless provides its customers with multiple credit card services, offering clients the possibility to engage in programs for retail, ecommerce, dining, experiential, travel, and more. 

The co-branded credit cards were launched back in 2022 when the fintech partnered with American Express to enable US travel providers, merchants, and retailers to introduce digital-first cards. 

Customers were set to enjoy rewards and deals from their preferred and most-used brands while accessing some of American Express’ benefits. Included in these are Amex Offers (used for shopping, dining services, restaurants, travel, entertainment, and more), and Global Dining Access by Resy. 

All Cardless card solutions provided clients with several features designed for digital-native clients and users, both in terms of security, and safety, as well as easy and seamless access to the preferred products. New users were allowed to apply for a Cardless card by using their smartphone, and after they received the needed approval, the virtual card was delivered to their mobile wallet immediately and it was ready to be used. The clients received their physical cards a few days later, and they were able to manage their accounts directly through the Cardless mobile application. With this, users were enabled with instant access to rewards, bill payments, purchase tracking, and more. 

Included in the company’s suite of cards are travel cards (such as the LATAM Airlines Mastercard and the LATAM Airlines World Elite Mastercard), sports cards (Manchester United and Liverpool FC), and its retail card designed with American Express, the Simon Credit Card. 

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Keywords: partnership, investment, funding, mobile payments, online payments, payments , digital payments, credit card, virtual card, digital wallet
Categories: Payments & Commerce
Companies: Cardless, i80 Group
Countries: United States
This article is part of category

Payments & Commerce



i80 Group

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