The new funding will support the company's continued development of industry-leading co-branded credit card and loyalty products, ongoing talent hiring in engineering and operations, and expansion into major retail, e-commerce, and SMBs.
(Image Source)
GLOCardless, a leading fintech innovator known for 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 over $90 million. Despite industry challenges like rising interest rates and inflation, Cardless has seen more than 10x revenue growth since the start of 2023.
The new funding will support the company’s continued development of industry-leading co-branded credit card and loyalty products, ongoing talent hiring in engineering and operations, and expansion into major retail, e-commerce, and SMBs. Cardless is the only fintech to power co-brand cards on all three of the largest global payment networks: Visa, Mastercard, and American Express, and one of only a handful of fintechs in the US to offer through its platform a Visa Infinite product, Visa’s most premium card variant.
“Over the last 12 months we’ve been able to design products for some of the best brands in the world, including Qatar Airways and Alibaba,” said Michael Spelfogel, Co-Founder and President of Cardless. “These brands chose us because of our differentiated approach to the entire co-branded card experience. From embedded servicing to leveraging a brand’s data for personalized sign-up offers, Cardless delivers an experience that other cobrand-focused banks and fintechs cannot match. We’ll use this funding to further build out a world-class team, enabling us to scale both new and existing programs.”
Cardless has experienced rapid growth, outpacing competitors and building significant momentum. In the past year, the company has tripled its Gross Transaction Value (GTV) and increased its Annual Recurring Revenue (ARR) by fivefold. Cardholder numbers have doubled in the last six months, and its premium co-branded cards are averaging nearly 20 transactions per month, reflecting strong top-of-wallet behavior. With a global presence working with brands across four continents, Cardless continues to lead in co-branded card innovation and growth.
In 2024, Cardless continued to expand its portfolio of co-branded credit cards with a series of high-profile launches. The company partnered with major airlines like Avianca and Qatar, the latter of which won World’s Best Airline for the 8th time at the 2024 World Airline Awards, managed by Skytrax. These additions build on Cardless existing partnerships with LATAM and TAP Air Portugal, bringing their total number of airline co-branded partners 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 attacking one of the largest markets in fintech that has historically been woefully underserved,” said Andrew Steele, Co-founder of Activant Capital. “Before Cardless, the largest brands in the world had been unwilling to launch credit cards because the customer experience provided by cobrand-focused banks didn’t meet their standards. Cardless has been 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 embedded platform capable of servicing both consumers and SMBs and we’re excited to double down as they continue to scale large programs for some of the best companies in the world.”
About Cardless
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. Cards are issued by First Electronic Bank. For more information, please visit cardless.com.
SOURCE Cardless
Disclaimer: Press release
© Press Release 2025
Send us your press releases to news@globalloyalty.org
Press releases originate from external third-party providers. This website does not have responsibility or control over its content, which is presented as is, without any alterations. Neither this website nor its affiliates guarantee the accuracy of the views or opinions expressed in the press release.
The press release is intended solely for informational purposes and does not offer tax, legal, or investment advice, nor does it express any opinion regarding the suitability, value, or profitability of specific securities, portfolios, or investment strategies. Neither this website nor its affiliates are liable for any errors or inaccuracies in the content, nor for any actions taken based on it. By using the information provided in this article, you agree to do so at your own risk.
To the maximum extent permitted by applicable law, this website, its parent company, subsidiaries, affiliates, shareholders, directors, officers, employees, agents, advertisers, content providers, and licensors shall not be liable to you for any direct, indirect, consequential, special, incidental, punitive, or exemplary damages, including but not limited to lost profits, savings, and revenues, whether in negligence, tort, contract, or any other theory of liability, even if the possibility of such damages was known or foreseeable.
The images used in press releases and articles provided by 3rd party sources belong to the respective source provider and are used for illustrative purposes in accordance with the original press releases and publications.
Disclaimer: Content
While we strive to maintain accurate and up-to-date content, Global Loyalty Organisation Ltd. makes no representations or warranties of any kind, express or implied, about the correctness accuracy, completeness, adequacy, or reliability of the information or the results derived from its use, not that the content will meet your requirements or expectations. The content is provided “as is” and “as available”. You agree that your use of the content is at your own risk. Global Loyalty Organisation Ltd. disclaims all warranties related to the content, including implied warranties of merchantability, fitness for a particular purpose, non-infringement, and title, and is not liable for a particular purpose, non-infringement, and title, and is not liable for any interruptions. Some jurisdictions do not allow the exclusion of certain warranties, so these jurisdictions may not apply to you. Global Loyalty Organisation Ltd. Reserves the right to modify, interrupt, or discontinue the content without notice and is not liable for doing so.
Global Loyalty Organisation Ltd. shall not be liable for any damages, including special, indirect, consequential, or incidental damages, or damages for lost profits, revenue, or use, arising out of or related to the content, whether in contract, negligence, tort, statute, equity, law, or otherwise, even if advised of such damages. Some jurisdictions do not allow limitations on liability for incidental or consequential damages, so this limitation may not apply to you. These disclaimers and limitations apply to Global Loyalty Organisation Ltd. and its parent, affiliates, related companies, contractors, sponsors, and their respective directors, officers, members, employees, agents, content providers, licensors, and advisors.
The content and its compilation, created by Global Loyalty Organisation Ltd, are the property of Global Loyalty Organisation Ltd. and cannot be reproduced without prior written permission.
