Total amount raised
$165 Million
Latest funding date
11/1/2024
Location
Cardless has raised funding over 8 rounds, with the latest being a Series C round. The company is backed by 30 investors, including Pear VC and Activant Capital.
Cardless offers a flexible credit card platform that integrates credit at relevant moments, enhancing user engagement and brand loyalty. Keep reading to explore the intricacies of Cardless's fundraising journey and the investors backing this innovative platform.
What Is Cardless?
Cardless operates a leading platform for consumer brands to launch credit card products. Based in San Francisco, California, the company falls under the categories of Credit Cards, Finance, and FinTech. It has a workforce of 11-50 employees.
Cardless provides an embedded credit card platform designed to integrate credit solutions seamlessly into various user experiences. Their platform offers modular tools, full-stack infrastructure, and end-to-end operations, allowing businesses to run credit card programs tailored to their needs.
How Much Funding Has Cardless Raised?
- Pre-Seed Round
- Amount Raised: USD 200,000
- Date: May 2019
- Lead Investors: Pear VC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their credit card platform.
- Seed Round
- Amount Raised: USD 2,800,000
- Date: October 2019
- Lead Investors: Greycroft
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Series A
- Amount Raised: USD 7,000,000
- Date: June 2020
- Lead Investors: Accomplice, Greycroft
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance platform capabilities.
- Series B
- Amount Raised: USD 40,000,000
- Date: July 2021
- Lead Investors: Activant Capital
- Valuation at Round: Slightly above USD 350,000,000
- Motivation Behind the Round: To expand into new markets and enhance product offerings.
- Undisclosed Round
- Amount Raised: USD 10,000,000
- Date: July 2022
- Lead Investors: Amex Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing product development and market expansion.
- Debt Financing
- Amount Raised: USD 75,000,000
- Date: May 2023
- Lead Investors: i80 Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity for scaling operations and customer acquisition.
- Series C (2024)
- Amount Raised: USD 30,000,000
- Date: November 2024
- Lead Investors: Activant Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue developing co-branded credit card and loyalty products, hire talent, and expand into major retail, e-commerce, and SMBs.
- Series C (2025)
- Amount Raised: USD 60,000,000
- Date: September 2025
- Lead Investors: Spark Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale the business and enhance technological infrastructure.
Total Amount Raised: USD 225,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- Activant Capital
- Details: Activant Capital is a growth equity firm that invests in high-growth technology companies. They focus on companies that are transforming industries through technology.
- Investment Focus Areas: Fintech, e-commerce, supply chain.
- Notable Investments: Better.com, Deliverr, Bolt.
- Spark Capital
- Details: Spark Capital is a venture capital firm that invests in startups across various stages. They are known for their investments in technology and media companies.
- Investment Focus Areas: Technology, media, consumer products.
- Notable Investments: Twitter, Slack, Oculus.
- Amex Ventures
- Details: Amex Ventures is the venture capital arm of American Express. They invest in innovative startups that enhance the digital experience and financial services.
- Investment Focus Areas: Fintech, payments, enterprise technology.
- Notable Investments: Stripe, Plaid, Bill.com.
- Industry Ventures
- Details: Industry Ventures is a leading investment firm that focuses on venture capital and technology growth equity. They have a diverse portfolio of high-growth companies.
- Investment Focus Areas: Venture capital, growth equity, secondary investments.
- Notable Investments: Twitter, Uber, Zynga.
- Thayer Ventures
- Details: Thayer Ventures specializes in investments in the travel and transportation technology sectors. They support companies that are innovating in these industries.
- Investment Focus Areas: Travel technology, transportation technology.
- Notable Investments: Duetto, ID90 Travel, Sonder.
What's Next for Cardless?
Cardless is poised to capitalize on significant opportunities in the fintech sector, particularly in developing co-branded credit card and loyalty products. The company plans to expand into major retail, e-commerce, and SMBs, leveraging its partnerships with high-profile brands like Qatar Airways and Alibaba. This expansion is supported by a robust market for co-branded credit cards, which has seen substantial growth.
Future fundraising opportunities appear promising, given Cardless's impressive revenue growth and market expansion. The company may attract further investment rounds to support its scaling efforts and technological advancements. However, challenges such as regulatory compliance, competition from other fintech firms, and maintaining rapid growth could pose hurdles along the way.
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