San Francisco fintech Cardless secures $75m credit facility from i80 Group
San Francisco fintech Cardless has forged a debt deal with i80 Group worth $75 million.
Cardless secures $75m credit facility from i80 Group
The three-year $75 million credit facility is a warehouse facility that will enable Cardless to fund customer receivables, its continued growth, and continue to forge and develop partnerships with brands.
The i80 debt facility will provide Cardless “flexibility”, the fintech says, to meet growing demand for co-branded credit card products.
Cardless co-founder and president Michael Spelfogel says the debt facility will allow it to continue working with “top-tier partners such as LATAM Airlines, Simon Property Group, American Express, and Liverpool Football Club as well as expanding avenues for co-branded credit card solutions”.
The fintech says the debt facility form i80 underlines its “credibility and reputation” amid an ongoing challenging macroeconomic environment, suggesting its co-branded credit cards provide “unique value” to its partners’ customers.
Founded in 2019 by Michael Spelfogel and Scott Kazmierowicz, Cardless has raised more than $50 million in equity funding from investors including Activant Capital, Greycroft, Accomplice, Pear VC, the ownership of Boston Celtics and Phoenix Suns, and the founders of Plaid, Bonobos, Flatiron Health, and 100 Thieves.
