Cardless reports 5x increase in annual revenue over 12 months
SAN FRANCISCO, November 26, 2024 /PRNewswire/ — Without carda leading fintech innovator known for its transformative co-branded credit card solutions, announced a $30 million growth investment round led by Activant Capital, with participation from new and existing investors, including Mischief (the fund co-founded by Plaid’s Zach Perret), Industry Ventures, Thayer Ventures, Assurant and Amex Ventures. This brings Cardless’ total equity funding to date to more than 90 million dollars. Despite industry challenges such as rising interest rates and inflation, Cardless has seen revenue grow more than 10x since the start of 2023.
The new financing will support the company’s continued development of industry-leading co-branded credit card and loyalty products, continued recruitment of engineering and operations talent, and expansion into department stores. retail, e-commerce and SMEs. Cardless is the only fintech to power co-branded cards on the three largest global payment networks: Visa, Mastercard and American Express, and one of the few fintechs in the United States to offer a Visa Infinite product through its platform, The most premium Visa card variant.
“Over the past 12 months, we have been able to design products for some of the best brands in the world, including Qatar Airways and Alibaba,” said Michael Spelfogelco-founder and president of Cardless. “These brands chose us because of our differentiated approach to the entire co-branded card experience. From integrated service to leveraging a brand’s data for personalized sign-up offers, Cardless delivers an experience that other co-branded banks and fintechs can’t match. “We will use this funding to further strengthen a world-class team, allowing us to develop both new and existing programs.”
Cardless has grown rapidly, outpacing its competitors and building significant momentum. Over the past year, the company tripled its gross transaction value (GTV) and quintupled its annual recurring revenue (ARR). Cardholder numbers have doubled in the past six months and its premium co-branded cards average nearly 20 transactions per month, reflecting strong premium behavior. With a global presence working with brands on four continents, Cardless continues to lead in innovation and growth of co-branded cards.
In 2024, Cardless continued to expand its co-branded credit card portfolio with a series of high-profile launches. The company has partnered with major airlines like Avianca and Qatarthe latter of which won for the 8th time the award for the best airline in the world at the World Airline Awards 2024, managed by Skytrax. These additions build on Cardless’ existing partnerships with LATAM and TAP Air Portugal, bringing the total number of co-branded partner airlines to four. Additionally, Cardless ventured into the business and e-commerce space by partnering with Alibaba to introduce its first business credit card, designed for small and medium-sized businesses.
“Cardless is tackling one of the largest fintech markets that has historically been woefully underserved,” said Andrew SteeleCo-founder of Activant Capital. “Before Cardless, the world’s biggest brands were reluctant to launch credit cards because the customer experience provided by co-branded banks did not meet their standards. Cardless was able to take the industry head on and launch cards with some of the most sought-after brands on the market. Cardless has built the only integrated platform capable of serving both consumers and SMBs and we’re excited to double down on our efforts as they continue to develop great programs for some of the best companies in the world.
About cardless system
Cardless partners with brands to design and manage innovative co-branded credit card programs. The company’s seamless digital experience and powerful technology enable personalized rewards and enhanced customer benefits. The cards are issued by First Electronic Bank. For more information, please visit cardless.com.
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SOURCE Without a card
