Cardless Raises $60M Series C Led by Spark Capital
Slice of Finance Team
09/25/2025
Key highlights
- $60M Series C led by Spark Capital, bringing total funding to $170M
- Backing from Activant Capital, Industry Ventures, Pear VC, and others
- 10x revenue growth, fueled by partnerships with Coinbase, Bilt, and more
- 400% YoY transaction growth with higher cardholder spend than legacy banks
- Platform enables card launches in 90 days vs. 18 months for traditional banks
Source: Businesswire
Notable Quotes
“ 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. ”
Will Reed, General Partner at Spark Capital
“ 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. ”
Michael Spelfogel, Co-Founder and President at Cardless
“ 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. ”
Ankur Jain, Founder and CEO at Bilt
Why This Matters
This Series C round underscores the accelerating shift toward embedded financial services, where companies integrate financial products directly into customer experiences. By removing the barriers of legacy banking infrastructure, Cardless empowers brands to launch tailored credit cards quickly and at scale, strengthening customer loyalty and unlocking new revenue streams. With proven traction across top-tier partners like Coinbase, Bilt, and Alibaba, Cardless is positioning itself as a transformational player in the $200B co-branded credit card industry.
