Cardless

Cardless operates an embedded credit card platform that enables brands and product-led companies to launch and manage co-branded credit card programs within their own applications and websites. The platform combines modular tools, APIs, prebuilt components and full-stack infrastructure, covering the credit journey from application and approval through rewards, card management and cardholder servicing, while compliance, underwriting and servicing are handled behind the scenes. Cards are issued by First Electronic Bank.

Customer implementations vary by integration depth: Coinbase built its credit experience in-house using Cardless APIs; Qatar Airways embedded Cardless modules in its app so Privilege Club members can apply, spend and earn; Alibaba.com used a targeted checkout integration; and Bilt launched Bilt Card 2.0, a three-card lineup integrated into the Bilt app. Cardless also supports airline co-brand programs with Avianca, LATAM and TAP Air Portugal, and has issued cards for sports teams including the Boston Celtics, Cleveland Cavaliers and Miami Marlins. According to a company release, Cardless is the only fintech powering co-brand cards on Visa, Mastercard and American Express, and one of a small number of US fintechs offering Visa Infinite through its platform. Cardholders manage accounts through a Cardless app available on iOS and Android, supported by a 24/7 support operation.

Founding story

Scott Kazmierowicz and Michael Spelfogel, who had worked in investment banking and credit card research, founded Cardless in 2019 after concluding that no provider served mid-sized brands wanting to launch their own credit cards. They applied to Pear VC's PearX program in 2019 and Pear invested at pre-seed, which the founders credit with bridging them to a $2.7m seed round and later a Series A.

Business model

Cardless works with consumer brands, marketplaces and SMB-focused platforms to design and operate co-branded credit card programs, providing the technology layer (APIs, prebuilt modules) plus end-to-end operations including compliance, underwriting and servicing, with cards issued by partner bank First Electronic Bank.

Sources do not describe pricing terms; the company reports annual recurring revenue and gross transaction value as key growth measures, indicating revenue tied to card program scale and transaction volume.

Traction

The company reported tripling gross transaction value and 5x ARR growth over 12 months as of November 2024, with more than 10x revenue growth since the start of 2023, cardholder numbers doubling in the prior six months, and premium co-brand cards averaging nearly 20 transactions per month. In September 2025 it reported transaction volume growth of 400% year-on-year and named Bilt, Coinbase, Qatar Airways and Alibaba as customers.

Latest developments

A $60m Series C led by Spark Capital closed in September 2025, with proceeds earmarked for expanding existing card programs, signing new brand partnerships and broadening the financial product range. Recent program news includes the Bilt Card 2.0 launch and reports that the company has strengthened its executive team for its next growth phase.