Cardless Raises $60M Series C On Heels of Coinbase & Bilt Partnerships, Supercharging Effort to Transform the Credit Card Industry

Funding, led by Spark Capital, fuels growth as companies choose Cardless over legacy banks.

SAN FRANCISCO--(BUSINESS WIRE)--Cardless, the credit card platform that lets product-first companies design and launch cards in-house, today announced a $60 million Series C growth round led by Spark Capital. With this round, Cardless has raised over $170 million to date, with continued support from Activant Capital, Industry Ventures, Pear VC, and others. Spark has a track record of backing companies that reshape industries — including Slack, Twitter, and Coinbase — and notably led Anthropic’s $450 million Series C in 2023.

Will Reed, General Partner, Spark Capital: “Cardless is pioneering embedded financial services and revenue is 10xing, fueled by partnerships with world-class brands like Coinbase and Bilt. Cardless has the team, product, and momentum to transform and capture a significant share of a $200B industry. This financing represents an inflection point as the company transitions from building to scaling rapidly. All of us at Spark are thrilled to partner on this journey.”

The Cardless Platform includes APIs and prebuilt components that cover the full credit journey, enabling companies to design every touchpoint — from application to cardholder experience — without taking on the risk or complexity themselves. Customer data and AI applications power smarter decisioning, faster iteration, and more relevant offers. Cards can be launched in as little as 90 days, compared to the 18-month timelines of legacy banks. Behind the scenes, Cardless’s full-service team manages the heavy lifting — from underwriting and compliance to offer design and cardholder support. This approach ensures companies maintain control over what matters most: their customer relationship.

Credit cards built with Cardless have delivered 400% year-over-year transaction growth, with cardholders spending significantly more than with legacy bank-issued cards. Current customers include Bilt, Coinbase, Qatar Airways, Alibaba, and others.

Michael Spelfogel, Co-Founder and President: “Legacy co-brands left billions on the table. Cardless puts companies in control to deepen loyalty, boost revenue, and deliver rewards people actually use. Over the next decade, financial services will move inside the brands consumers already love—and Cardless is leading the shift by building the infrastructure to make it possible.”

Customers Back the Cardless Platform:

Ankur Jain, Founder and CEO, Bilt: “Cardless’s technological capabilities and focus on customer experience made them the perfect partner for Bilt Card 2.0. This will greatly enhance how Bilt Members earn and use rewards in their home and neighborhood.”

Use of Proceeds: Cardless will use the funding to expand its existing card programs, launch new cards with leading companies, and introduce a broader range of financial products—all designed for companies to build and deliver financial products tailored to their users.

For more information, visit www.cardless.com.