Cardless secures $30m funding round led by Activant Capital
US fintech Cardless has secured $30 million in a growth investment round led by VC firm Activant Capital.
Cardless lands $30 million in fresh funding
The round also saw additional support from a mix of new and existing backers, including Assurant, Amex Ventures, Mischief, Industry Ventures, and Thayer Ventures.
Founded in 2019 and headquartered in San Francisco, Cardless offers a platform for brands to launch credit card and loyalty products. It claims to be “the only fintech to power co-brand cards on all three of the largest global payment networks: Visa, Mastercard, and American Express”.
The company reports a fivefold increase in Annual Recurring Revenue (ARR) and a threefold growth in Gross Transaction Value (GTV) over the past year. It also says its cardholder numbers have “doubled in the last six months”.
Furthermore, Cardless has recently expanded into the business and e-commerce market, teaming up with online retail giant Alibaba to offer its first business credit card, tailored specifically for small and medium-sized enterprises (SMEs).
The company’s latest capital injection will be used to drive product development, support the recruitment of staff in engineering and operations, and fuel its ongoing expansion in the retail, e-commerce, and SME sectors.
The funds bring Cardless’ total equity funding to date to over $90 million, adding to the firm’s $40 million Series B round in 2021. Cardless also secured a $75 million three-year warehouse credit facility from i80 Group last year.
