FinTech News
Cardless Reveals $60 Million Funding Raise Ahead of Bilt’s Move
The FinTech credit card platform Cardless has announced another round of investment.
About the Cardless Funding Round:
Cardless has raised fresh funding. This round is being called a Series C and was led by Spark Capital. Last November, the company raised a $30 million Series C, which was led by Activant Capital. In total, the company has now raised more than $170 million from investors, including Industry Venture, Pear VC, Amex Ventures, and more. With this new funding, Cardless says it plans to expand into a broader range of financial products, while also supporting its existing and upcoming card programs.
This news comes as Cardless is preparing the launch one of its most high-profile offerings to date. In July, Bilt revealed plans to leave its current issuer, Wells Fargo, and create a lineup of “Bilt 2.0” products with Cardless. Not only will this include a new version of the current no-annual-fee Bilt card but will also see the debuts of $95 annual fee and $495 annual fee card options. Bilt’s move to Cardless is expected to happen in February 2026.
What They’re Saying:
Explaining the idea behind Cardless and its position in the market, the company’s co-founder and president Michael Spelfogel said, “Legacy co-brands left billions on the table. Cardless puts companies in control to deepen loyalty, boost revenue, and deliver rewards people actually use.”
He added, “Over the next decade, financial services will move inside the brands consumers already love—and Cardless is leading the shift by building the infrastructure to make it possible.”
Commenting on Spark Capital’s investment in Cardless, the firm’s General Partner Will Reed remarked, “Cardless is pioneering embedded financial services and revenue is 10x-ing, fueled by partnerships with world-class brands like Coinbase and Bilt. Cardless has the team, product, and momentum to transform and capture a significant share of a $200B industry. This financing represents an inflection point as the company transitions from building to scaling rapidly. All of us at Spark are thrilled to partner on this journey.”
My Thoughts:
I’ve been observing Cardless for quite some time, watching as they evolved from offering niche rewards credit cards to fans of specific sports teams to partnering with foreign airlines. Now, it feels as though Cardless is preparing for primetime as the new Bilt 2.0 card is sure to draw attention. When you consider all of that, it’s really no wonder why the company has attracted investors at this stage in its story.
Funny enough, for as long as I’ve been aware of Cardless, I don’t actually have any of its products. I suppose that’s set to change when Bilt makes the big move next year.
Author
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