Cardless has landed a USD 60 million Series C funding round, aiming to accelerate growth as revenue 10x with Coinbase and Bilt.
Following this announcement, the San Francisco-based fintech company is set to leverage the capital in order to expand card programs, launch new partnerships, and scale its infrastructure. This investment was led by Spark Capital and brings Cardless’s total funding to over USD 170 million.
In addition, its partnerships with brands like Coinbase and Bilt are expected to accelerate the process of delivering Cardless’ growth. The firm is currently planning to accelerate its go-to-market strategy and broaden its customer base, as well as meeting the regulatory requirements and laws of the industry.
More information on Cardless’s USD 60 million Series C funding round
Through this investment, Cardless will continue to provide a full-stack platform for brands to develop and manage custom credit card programs, while also handling the complex backend, including underwriting, compliance, and servicing, while brands have the possibility to maintain control over user experience.
Cardless has deepened its relationship with Coinbase through its co-branded credit card program, which was developed in order to allow users to earn Bitcoin rewards of up to 4% on purchases, with higher rates tied to account activity. At the same time, the Coinbase card integrates into the user journey, helping Cardless attract a digitally native audience.
Furthermore, Bilt Rewards selected Cardless in order to power the new Bilt Card after ending its partnership with Wells Fargo. The updated card is expected to feature improved user experience and personalised rewards designed for renters and homeowners, as Cardless’s infrastructure will give Bilt the possibility to offer rewards for rent payments and neighborhood spending. In addition, the firm’s APIs and components will allow Bilt to iterate on features and deepen customer relationships rapidly, while the relaunch is expected to boost customer loyalty and card usage among Bilt’s user base.
