Coinbase & Bilt Power Cardless’ $60M Series C - Reshaping Credit Cards with Crypto
Cardless just landed a massive $60 million Series C injection—fueled by heavyweight partnerships with Coinbase and Bilt that signal a crypto-powered assault on traditional credit cards.
The New Plastic Revolution
Forget your grandfather's rewards program. Cardless is building credit cards that actually understand digital natives—integrating crypto rewards, seamless blockchain payments, and loyalty programs that don't require a PhD in mileage points.
Why Traditional Banks Should Sweat
This funding round proves fintech isn't just nibbling at the edges anymore. With Coinbase's crypto infrastructure and Bilt's rent-paying innovation, Cardless cuts through legacy banking bureaucracy like a hot knife through butter. They're bypassing the 3% swipe fees that make merchants want to cry—and building cards that reward users in assets that might actually appreciate.
The $60 million question: Can plastic finally catch up to digital money? Or is this just another fintech fantasy funded by venture capitalists who've never missed a credit card payment? Either way—the credit card industry just got served its wake-up call.
A Platform for Embedded Financial Services
Cardless differentiates itself by providing a platform that streamlines the full credit card journey. Its APIs and prebuilt components allow companies to manage every aspect of a card program — from application to customer experience — without assuming the complexity and regulatory risk typically associated with card issuance.
Cards built with Cardless can be launched in as little as 90 days, compared to the traditional 18-month rollout period with legacy banks.
The company also manages underwriting, compliance, and customer support, allowing brands to maintain control of their customer relationships while focusing on rewards and engagement.
Strong Momentum from Brand Partnerships
The company’s model has gained traction with high-profile brands, including Bilt, Coinbase, Qatar Airways, and Alibaba. Credit card programs built on the Cardless platform have reported 400% year-over-year transaction growth, with higher spending levels compared to cards issued through traditional banks.
“Legacy co-brands left billions on the table. Cardless puts companies in control to deepen loyalty, boost revenue, and deliver rewards people actually use. Over the next decade, financial services will MOVE inside the brands consumers already love—and Cardless is leading the shift by building the infrastructure to make it possible,” said Michael Spelfogel, Co-Founder and President of Cardless.
Use of Funds and Expansion Plans
With the Series C funding, Cardless plans to expand existing programs, launch new co-branded cards, and develop additional financial products tailored to companies and their customers. The company’s goal is to empower brands to offer personalized financial services that align with their users’ needs.
“Cardless’s technological capabilities and focus on customer experience made them the perfect partner for Bilt Card 2.0. This will greatly enhance how Bilt Members earn and use rewards in their home and neighborhood,” said Ankur Jain, CEO of Bilt.
As Cardless scales, its combination of cutting-edge technology, strategic partnerships, and investor backing positions it to become a leading player in the next generation of credit card infrastructure.
