Cardless, Inc. (“The Company”), a consumer credit card financial technology firm that helps brands launch and run custom co-branded credit card programs, today announced the launch of its platform, which enables brands to reward loyal customers and fans. The company has raised more than $10 million in venture capital to support the growth of its team, including top engineering, operations, compliance, and risk talent, and the ongoing build-out of its platform.
Headquartered in San Francisco, Cardless will be the first new mass-market credit card firm to launch in more than 25 years, following the launch of Capital One Financial Corp. (NYSE: COF). The Cardless platform combines distributed-systems technology with a broad network of banks and issuers, empowering brands to launch a co-branded credit card program in less than seven weeks. The card provides users with added security and increased control over transactions through streamlined, contactless payments. Cardless credit cards are backed by its growing network of issuers, processors and banking partners, allowing unmatched flexibility in the types of products and programs it can provide to brands of all shapes and sizes.
Cardless was founded by Michael Spelfogel and Scott Kazmierowicz, alumni of Stanford University’s School of Engineering. Prior to founding Cardless, Spelfogel spent time at Visa and Lyft, while Kazmierowicz has a background in banking, having served in roles at Allen & Company and Goldman Sachs. Through their experiences within the broader financial services industry, the founders recognized the potential for a co-branded credit card program with a focus on customer experience, transparent terms, low interest rates and simplicity. They developed a collective bargaining approach to credit cards that shifts risk from a single lender to a network of capital sources in order to provide a better product at a lower cost. This enables all brand partners to connect with and reward their most passionate and loyal customers.
"Cardless lets brands launch fantastic co-branded credit cards with a committed partner in well under two months," said Cardless Co-Founder & President Michael Spelfogel. "Legacy banks are ill-suited to partner with digital brands and cater to tech-savvy customers. As an employee of Lyft, I watched the pain first-hand as they tried to partner with Synchrony to build a credit card, which ultimately never launched. Scott and I quickly recognized a void in the marketplace and knew we could make a product that cut out the years of development time and aligned our interests with consumers, not against them. We're set up to give brands the attention and respect they've long deserved to build innovative financial products that engage their most valuable fans with groundbreaking rewards, and drive revenue.”
Since its founding in 2019, Cardless has raised over $10M in venture funding from notable investors like Greycroft, Accomplice, Clocktower Ventures, and Pear. In addition to scaling its team, the additional capital will be deployed to grow the Cardless platform and its expanding network of issuers as it continues to build partnerships across innovative consumer brands.
“Cardless was designed for brands to provide bespoke benefits that money can’t buy,” added Cardless Co-Founder & CEO Scott Kazmierowicz. “We are excited to enter our next chapter of growth as we seek to transform the traditional credit card loyalty program with a state-of-the-art platform customized to brands and their unique consumers and fans.”
Cardless is a rapidly growing credit card financial technology firm that enables brands to reward loyal customers and fans with reward points in the form of amazing experiences, merchandise, and exclusive offers. With a mobile app designed with seamless ease of use, Cardless was designed to work more smoothly than physical cards by allowing consumers to make payments and select rewards with enhanced security and user experience. Cardless was founded by Scott Kazmierowicz and Michael Spelfogel and is headquartered in San Francisco, CA. To learn more, please visit: www.cardless.com