Cardless raises $40m in Series B funding
San Francisco-based start-up Cardless has raised $40 million in a Series B funding round led by Activant Capital.
Cardless has raised $50 million in total
Participants in the round, which brings Cardless’ total raised to $50 million, include existing backers Accomplice and Pear VC.
The US start-up offers brands and technology firms a platform for the launching of co-branded virtual cards.
It covers the underwriting, lending, insurance, and customer service for the brands it signs on, which already includes football club Manchester United, baseball team the Miami Marlins, and basketball team the Cleveland Cavaliers.
Cardless’ co-founder and president, Michael Spelfogel, tells TechCrunch that there are hundreds of brands out there with traditional card services but they’re often based on legacy software.
His firm offers rewards and extras that include autographs of sports stars and brand-specific experiences.
“This round is testament to the hard work and incredible execution of the entire team as well as our incredible growth,” the company writes on social media.
“We will continue to realize our mission of making consumer credit more accessible, useful, and engaging, by accelerating the shift to brand-created financial products.”
