San Francisco, CA – Cardless, a fintech company specializing in co-branded credit cards, has raised $60 million in its largest funding round to date, setting the stage for rapid growth and new brand partnerships. Founded in 2019, the startup plans to use the fresh capital to enhance its platform and expand collaborations with major names, including Coinbase Global Inc. and Bilt Rewards.
The funding round was led by Spark Capital, with participation from Activant Capital, Industry Ventures, and Pear VC. According to co-founder and president Michael Spelfogel, the investment will allow Cardless to scale its technology and support more branded credit card programs in a market historically dominated by big banks.
The company expects its annualized revenue to rise from around $15 million this year to $150 million by mid-2026, with profitability anticipated by the end of next year. Spelfogel highlighted the massive opportunity in the $200 billion U.S. credit card industry, noting that the market remains concentrated but far from winner-takes-all.
Cardless differentiates itself through speed and flexibility, often bringing co-branded cards to market in as little as 90 days—far faster than the months or years it can take traditional issuers. Its platform supports customizable card features, instant virtual card issuance, and seamless checkout prompts for online shoppers.
The company also leverages real-time transaction data to provide tailored experiences and immediate rewards. For instance, through its partnership with Coinbase, cardholders can earn up to 4% back in Bitcoin, with higher rates for customers who hold more assets on the platform.
While Cardless initially focused on sports-themed credit cards with teams like the Boston Celtics and Manchester United, it has since pivoted toward broader brand collaborations. Recent partnerships with Coinbase and Bilt mark a strategic shift toward reaching a wider audience. Bilt, for example, is now moving away from its previous Wells Fargo-backed card to launch a refreshed version with Cardless.
Despite challenges in a tighter funding environment and rising interest rates, Cardless continues to compete head-to-head with both traditional banks such as JPMorgan Chase and Capital One, as well as fintech rivals.
With fresh funding and a clear focus on growth, Cardless aims to strengthen its position in the competitive credit card industry by delivering speed, flexibility, and innovative partnerships. As the company scales, it looks well positioned to offer consumers more choice in how they spend and earn rewards—while challenging some of the industry’s most entrenched players.
