Cardless
Cardless is an embedded credit card platform that enables consumer brands to launch co-branded credit card programs in 90 days via modular APIs and proprietary underwriting, serving enterprise clients including Coinbase, Bilt, Qatar Airways, Simon Property Group, and Alibaba.
- Company typePrivate
- Founded2019
- HeadquartersSan Francisco, United States
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Cardless does
Cardless is a San Francisco-based embedded credit card platform founded in 2019 that enables consumer brands to launch co-branded credit card programs in approximately 90 days—a substantial reduction from the 18-24 months typically required by legacy issuers. The platform provides modular APIs, prebuilt components, underwriting, compliance, servicing, and rewards infrastructure, allowing brands to embed credit natively within their own apps and websites while retaining full control of the customer experience. Cardless serves as the technology and servicing layer, partnering with issuing banks (First Electronic Bank, Column N.A.) and card networks (Mastercard, Visa, American Express), with American Express Ventures among its strategic investors. Its proprietary Pioneer credit underwriting model is trained on 2,700+ anonymized credit bureau attributes, and its real-time rewards engine handles complex multi-merchant structures across portfolios such as Simon Property Group's 23,000+ retailers.
The company generates revenue through interchange fees, interest revenue sharing with issuing banks, platform/servicing fees from brand partners, premium card annual fees, and gift card marketplace transactions. Its go-to-market combines enterprise B2B sales targeting brand marketing executives and loyalty program leaders, an API-first self-service platform for product and engineering teams, and channel partnerships with card networks and banking-as-a-service providers. Cardless has raised over $170 million across multiple funding rounds led by Spark Capital (Series C, September 2025) and Activant Capital (Series B and 2024 round), plus a $75 million debt facility from i80 Group. Its named enterprise customers include Coinbase, Bilt Rewards, Qatar Airways, Simon Property Group, Alibaba.com, LATAM Airlines, Avianca Lifemiles, TAP Air Portugal, and several sports franchises, with cards built on the platform having grown transactions 400% year over year. The company has publicly targeted profitability by 2026.
Cardless firmographics
Firmographics- Name
- Cardless
- Legal name
- Cardless, Inc.
- Website
- https://cardless.com
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Cardless is an embedded credit card platform that enables consumer brands to launch co-branded credit card programs in 90 days via modular APIs and proprietary underwriting, serving enterprise clients including Coinbase, Bilt, Qatar Airways, Simon Property Group, and Alibaba.
- Ownership category
- akta.pro rank
Cardless industry classification
Industry- Product category
- Embedded Finance
- NAICS
- Credit Card Issuing (522210), Credit Card Issuing (52221), Activities Related to Credit Intermediation (5223)
- SIC
- Miscellaneous Business Credit Institution (6159), Personal Credit Institutions (6141)
- akta.pro primary industry
- Embedded Card Issuing & Card-as-a-Service (FSAGALAC)
- akta.pro secondary industries
- Card Issuing Platforms (Issuer Processing) (FSAGABAD), Card Issuing & Program Management Platforms (BPAMAFAH), Private-Label & Store Card Schemes (FSAMAAAE)
Keywords
Where Cardless is headquartered
LocationHeadquarters
- HQ city
- San Francisco
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Cardless business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure, Others
Revenue model
- Interchange Fees: Cardless earns interchange fees on every transaction made with co-branded cards issued through its platform. As the card servicer, interchange revenue flows through Column N.A. (for Bilt Card 2.0) or First Electronic Bank (for other cards) and is distributed contractually to Cardless for operations. This creates a transaction-volume-based revenue stream that scales with cardholder spending.
- Interest Revenue Share: Cardless generates revenue from interest charged on revolving credit card balances. For the Bilt Card 2.0 structure, interchange fees and interest revenue flow to Column N.A. as issuer of record, then get distributed contractually to Cardless for operations, Fidem Financial for capital, and Bilt for rewards. This creates a revenue-sharing arrangement on interest income.
- Platform/Servicing Fees from Brand Partners: Cardless charges brand partners for technology platform access, card servicing, and program management. Brands pay for the ability to embed credit cards into their ecosystems with Cardless managing the complexity behind the scenes including compliance, underwriting, customer support, and operations.
- Premium Card Features and Annual Fees: Cardless generates revenue from annual fees on premium co-branded cards. For example, the Bilt Palladium Card carries a $495 annual fee, and the Simon American Express Credit Card offers a $150 statement credit bonus after spending $1,000 in 90 days. These fees contribute to revenue alongside interchange.
- Gift Card Marketplace Revenue: Cardless earns revenue from its credit-card-native gift card marketplace through fees on gift card purchases made by cardholders. The feature enables users to buy gift cards with elevated rewards using Stripe for payment processing, generating transaction-based revenue.
Go-to-market motion3 records
Distribution channels6 records
Marketing channels6 records
Cardless product offering
Product offeringCore offering
Cardless provides an embedded credit card platform that enables consumer brands to design, launch, and operate co-branded credit card programs in approximately 90 days through modular APIs, prebuilt UI components, and full-stack infrastructure. The platform handles credit underwriting, card issuing via partner banks, real-time rewards calculation, card servicing, compliance, and customer support, while brands retain full control over the embedded customer experience. Cards are distributed on Mastercard, Visa, and American Express networks, and the platform powers named co-branded products for Coinbase, Bilt, Qatar Airways, Alibaba, Simon Property Group, LATAM, Avianca, TAP Air Portugal, and Avelo Airlines.
Product overview
Cardless is an embedded credit card platform that enables product-first companies to design and launch co-branded credit cards through modular APIs, prebuilt components, and full-stack infrastructure. The platform serves as the technology provider and card servicer, partnering with issuing banks (primarily First Electronic Bank, Column N.A., and others) and payment networks (Mastercard, Visa, American Express) to deliver white-label credit card programs. The product portfolio includes the core Cardless Embedded Credit Card Platform, a mobile app for cardholders, and co-branded card products for partners including Coinbase One Card, Qatar Airways Privilege Club Card, Alibaba.com Business Edge Card, Bilt Card 2.0, TAP Air Portugal Miles&Go Card, LATAM Airlines Card, Avianca Lifemiles Card, Simon American Express Card, and Avelo Airlines World Elite Mastercard. Additional features include a gift card marketplace. Companies can launch credit card programs in approximately 90 days using Cardless's APIs and components, with full control over the customer experience from application through servicing.
Differentiator
Problem solved
Functional benefit
Products and services
- Cardless Embedded Credit Card Platform A modular embedded finance platform enabling consumer brands to design and launch co-branded credit card programs with full-stack infrastructure, APIs, and prebuilt components for application processing, rewards management, underwriting, and card servicing.
- Coinbase One Card Premium crypto rewards credit card offering up to 4% back in Bitcoin on purchases, integrated directly into the Coinbase digital experience and powered by the American Express network.
- Qatar Airways Privilege Club Card Co-branded travel rewards credit card enabling Qatar Airways Privilege Club members to apply, get approved, and earn Avios as part of their existing travel experience, integrated into the Qatar Airways app on the Mastercard network.
- Bilt Card 2.0 Suite of three tiered credit cards (Blue, Obsidian, Palladium) offering rewards on rent and mortgage payments, 4% back in Bilt Cash on everyday spend, and integration with the Bilt app for housing-focused rewards, issued on Mastercard rails by Column N.A.
- Simon American Express Credit Card Retail co-branded card offering 5% back at participating retailers, 3% at Simon destinations, 1.5% on Apple Pay/Google Wallet, and 1.5% everywhere else, with real-time rewards across Simon's 23,000 retailers.
- TAP Air Portugal Miles&Go American Express Card Co-branded airline credit card earning 3x miles on TAP flights, 2x on hotels and car rentals, with benefits including two complimentary checked bags, preferred boarding, and TAP Premium Lounge access.
- Alibaba.com Business Edge Card Business-focused co-branded credit card with shipping discounts, 60 days interest-free financing, and rewards for Alibaba.com marketplace purchases.
- Cardless Mobile App Native mobile application for iOS and Android enabling cardholders to manage all Cardless-issued card accounts, make payments, track rewards, access virtual card numbers, add cards to Apple Pay or Google Pay, and manage autopay.
- LATAM Airlines Credit Card Co-branded airline credit card offering LATAM Pass miles earning on purchases with bonus categories for streaming, food delivery, restaurants, rideshare, and groceries on the Mastercard network.
- Avianca Lifemiles American Express Card Co-branded airline credit card earning Lifemiles on all purchases with elite status benefits for Avianca loyalty program members.
- Avelo Airlines World Elite Mastercard Co-branded airline credit card for Avelo Airlines customers with travel rewards and benefits on the Mastercard network.
Quantifiable outcome
- 400% year-over-year transaction growth for cards built with Cardless
- +3 more outcomes
Companies that use Cardless
Customer profileNamed customers12 records
Segments6 records
Ideal customer profiles6 records
Cardless technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
AI capability5 records
Feature6 records
Cardless partnerships and signals
Strategic signalPartnerships
18 partnerships are on record, tiered core, minor and major.
- American ExpresscoreAmerican Express partnered with Cardless to enable brands to launch digital-first co-branded credit cards on the American Express network. The agreement allows brands to leverage American Express benefits, offers, and security while using Cardless's technology platform. American Express also made a strategic investment in Cardless through Amex Ventures, strengthening the relationship. Customers of American Express-network cards access Amex Offers, Global Dining Access by Resy, and other Amex benefits.
- Mastercardcore
- First Electronic BankcoreFirst Electronic Bank, a Utah-based Industrial chartered bank, is Cardless's primary issuing bank partner. As the FDIC-insured bank of record, First Electronic Bank stands behind Cardless credit cards on the Mastercard and Visa networks. This relationship is essential for legal compliance and enables Cardless to operate as a non-bank fintech.
- Column N.A.coreColumn N.A. is the issuing bank and lender of record for Bilt Card 2.0. In the four-party structure, Column N.A. receives interchange fees and interest revenue, then distributes contractually to Cardless (operations), Fidem Financial (capital), and Bilt (rewards). This represents a newer banking partnership beyond First Electronic Bank.
- Fidem FinancialcoreFidem Financial provides capital for credit card receivables in the Bilt Card 2.0 structure. In the four-party model, Fidem supplies the capital that enables Column N.A. to fund credit card balances, with returns flowing back from the interest charged to cardholders.
- Brian Kelly / The Points GuyminorBrian Kelly, founder of The Points Guy, provided investment and advisory support to Cardless as part of the i80 Group debt deal. His expertise in credit card rewards and travel hacking adds credibility and strategic guidance.
- Simon Property GroupcoreSimon Property Group partnered with Cardless to launch the Simon American Express Credit Card, one of Cardless's flagship retail partnerships. The card offers 5% back at participating retailers, 3% at Simon malls, 1.5% on mobile wallet, and 1% everywhere else. Simon also invested in Cardless. The partnership created the first credit-card-native gift card marketplace with 23,000+ retailers.
- Bilt RewardscoreBilt partnered with Cardless to launch Bilt Card 2.0, replacing the Wells Fargo partnership. The three-card portfolio (Bilt Blue, Obsidian, Palladium) extends rewards to homeowners for mortgage payments alongside rent rewards. Cardless provides the technology platform while Column N.A. issues and Fidem Financial provides capital.
- CoinbasecoreCoinbase is Cardless's inaugural partner for the embedded credit card platform, launching the Coinbase One Card offering up to 4% back in bitcoin on purchases. The card is powered by American Express and represents a flagship crypto-to-credit partnership.
- Qatar AirwaysmajorQatar Airways partnered with Cardless to launch a Privilege Club co-branded credit card on the Mastercard network. The integration allows Qatar Airways loyalty members to apply, get approved, and start earning Avios immediately within the Qatar Airways app experience.
- Alibaba.commajorAlibaba.com partnered with Cardless to launch the Business Edge Card for B2B purchasers. The card offers shipping discounts, 60-day interest-free terms, and rewards on business purchases, integrated directly into Alibaba's checkout flow.
- LATAM AirlinesmajorLATAM Airlines launched a co-branded Mastercard with Cardless, enabling LATAM Pass members to earn miles on everyday purchases. The card is available as LATAM Airlines Mastercard and LATAM Airlines World Elite Mastercard.
- Avianca LifemilesmajorAvianca Lifemiles partnered with Cardless to issue American Express co-branded cards that earn Lifemiles on purchases. Cardholders receive elite status benefits including complimentary checked bags and preferred boarding.
- TAP Air PortugalmajorTAP Air Portugal partnered with Cardless to launch the TAP Miles&Go American Express Credit Card. The card offers 3x miles on TAP flights, 2x on hotels/car rentals/rideshare, 1x elsewhere, plus complimentary checked baggage, TAP Premium Lounge passes, and preferred boarding.
- Avelo AirlinesminorAvelo Airlines partnered with Cardless to issue the Avelo Airlines World Elite Mastercard, offering rewards on everyday purchases for Avelo customers.
- Cleveland CavaliersminorThe Cleveland Cavaliers were one of Cardless's first brand partners, launching a co-branded credit card in 2021. The Cleveland Cavaliers Mastercard by Cardless was the company's first product, demonstrating the ability to launch a digital-first, numberless credit card.
- Boston CelticsminorThe Boston Celtics were among Cardless's early sports league partners, with a co-branded credit card program launched to engage fans with branded credit card experiences.
- Liverpool FCminorLiverpool FC was a Cardless brand partner, demonstrating Cardless's ability to serve international sports franchises with co-branded credit card solutions.
Scale indicators6 records
Recent moves6 records
Expansion highlights6 records
Cardless competitors and assessment
Company assessmentDirect peers
- Marqeta: Public card-issuing platform (NASDAQ: MQ) that powers co-branded and prepaid card programs via APIs for brands including Uber, Instacart, Block, and Affirm. Most direct competitor to Cardless in the modern card-issuing infrastructure space, with similar B2B go-to-market and embedded API approach.
- Imprint: Co-branded credit card platform serving brands like Lyft, Robinhood, Yelp, and Qatar Airways — overlapping directly with Cardless's customer base (Qatar Airways is a shared partner). Competes head-to-head for the same enterprise brand deals with a similar API-first embedded finance model.
- Deserve: Card-issuing-as-a-service platform that partners with banks to provide credit card programs for fintechs and brands. Directly comparable business model to Cardless with similar emphasis on embedded card experiences for digital-first brands.
Broad incumbents
- Stripe Issuing: Stripe's embedded card-issuing product lets platforms create and manage branded cards. Part of Stripe's much broader payments and financial services portfolio, competes with Cardless for fintech and platform customers that want embedded card issuance, particularly SMB and crypto customers.
- Galileo Financial Technologies: SoFi-owned payment processing and card-issuing platform serving fintechs and banks with API-based infrastructure for debit, credit, and prepaid cards. Broader incumbent with deeper bank relationships and enterprise scale; overlaps with Cardless in the embedded card issuance category.
- Bread Financial: Public company (NYSE: BFH) that issues private-label and co-branded credit cards for major retailers including Ralph Lauren, AAA, and ExxonMobil. Represents the legacy model Cardless is disrupting, but also a potential acquirer or partner given brand relationships and scale in co-branded card programs.
- Synchrony Financial: Public company (NYSE: SYF) and one of the largest co-branded and private-label credit card issuers in the US, partnering with brands like Amazon, Lowe's, and PayPal. The incumbent Cardless most directly competes against for enterprise brand contracts.
Emerging players
- Alloy Labs (Alloy): Identity and risk decisioning platform used by banks and fintechs (including card issuers) for KYC, fraud, and credit underwriting. Adjacent competitor in the embedded finance stack — overlaps with Cardless's Pioneer credit underwriting use case but does not directly issue cards.
- Unit: Embedded banking and card-issuing infrastructure platform focused on fintechs and tech companies. Competes with Cardless in the broader embedded finance category, though with a stronger focus on business banking accounts and debit/expense cards rather than premium co-branded credit.
Others
- Plaid: Data connectivity platform used by Cardless itself (and many competing card programs) for bank account linking and verification. Ecosystem partner and adjacent infrastructure provider rather than a direct competitor, but its expanding role in credit and risk could overlap with parts of Cardless's stack.
Market position
Strengths1 record
Weaknesses5 records
Competitive moat5 records
Key risks2 records
Key highlights7 records
Customer concentration
Cardless social profiles
Digital presenceCardless financial estimates
Financial estimateRevenue estimate
Valuation estimate
Cardless leadership team
Management profileNumber of profiles
Profiles4 records
Cardless funding detail
Funding detailFunding overview
Funding rounds8 records
Investors22 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Cardless M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Cardless
What does Cardless do?
Cardless provides an embedded credit card platform that enables consumer brands to design, launch, and operate co-branded credit card programs in approximately 90 days through modular APIs, prebuilt UI components, and full-stack infrastructure. The platform handles credit underwriting, card issuing via partner banks, real-time rewards calculation, card servicing, compliance, and customer support, while brands retain full control over the embedded customer experience. Cards are distributed on Mastercard, Visa, and American Express networks, and the platform powers named co-branded products for Coinbase, Bilt, Qatar Airways, Alibaba, Simon Property Group, LATAM, Avianca, TAP Air Portugal, and Avelo Airlines.
Is Cardless a public or private company?
Cardless is a private company. It is classified as venture growth investor backed and is currently operating.
When was Cardless founded?
Cardless was founded in 2019. It employs 11 to 50 people.
Where is Cardless based?
Cardless is headquartered in San Francisco, United States, in the North America region.
How does Cardless make money?
Five revenue lines are on record. Interchange Fees are the primary driver. The others are interest Revenue Share, platform/Servicing Fees from Brand Partners, premium Card Features and Annual Fees and gift Card Marketplace Revenue.
Who are Cardless's main competitors?
Direct peers on record are Marqeta, Imprint and Deserve. Broad incumbents are Stripe Issuing, Galileo Financial Technologies, Bread Financial and Synchrony Financial. Emerging players are Alloy Labs (Alloy) and Unit. Plaid is listed as an others.
Does Cardless have an API?
No public API is recorded for Cardless.
What industry is Cardless in?
Cardless's product category is Embedded Finance. Its primary akta.pro industry code is FSAGALAC, Embedded Card Issuing & Card-as-a-Service, with a secondary code of FSAGABAD, Card Issuing Platforms (Issuer Processing). Its NAICS code is 522210 and its SIC code is 6159.