Cardless raised investments worth $30 million as part of the funding round.
Part of the mentioned money will be spent to further support the development of co-branded credit cards and loyalty products. The relevant information is contained in the Cardless press release, which was published last Tuesday, November 26.
It is also known that the company intends to use part of the received financing to hire specialists in the area of engineering and operations. Moreover, part of this money will be directed to expand the firm’s activities in the major retail, e-commerce, and small and medium-sized business markets.
Cardless co-founder and president Michael Spelfogel said that over the past 12 months, the company has been able to develop products for some of the world’s best brands, including Qatar Airways and Alibaba. In the relevant context, it was separately noted that the mentioned brands decided to cooperate with the firm due to its differentiated approach to the entire co-branded card experience.
The Cardless press release contains information that the company offers co-branded cards in the global payment networks Visa, Mastercard, and American Express. One of the products of the firm is the Visa Infinite premium card variant.
Cardless also offers consumers embedded servicing and the ability to use brand data. The corresponding solution allows the company’s customers to generate personalized sign-up offers.
Andrew Steele, co-founder of Activant Capital, which led Cardless’ latest funding round, said that the firm of Michael Spelfogel currently provides customers with an experience that meets the standards of the world’s largest brands. He noted that Cardless was able to take the industry head-on and launch cards with some of the most sought-after brands on the market. Also, according to him, the company has built the only embedded platform capable of serving both consumers and firms belonging to the category of small and medium-sized businesses. Moreover, he stated that Cardless continues to scale large programs for some of the best brands in the world.
In September, the mentioned company announced a partnership with Alibaba. This collaboration includes the launch of a co-branded credit card with the Chinese e-commerce giant to offer small and medium-sized businesses financial products and rewards to enhance their financial stability. At that time, it was noted that this offer would allow Cardless to tap into a growing market and meet specific needs that often find themselves outside the space of the activity of traditional service providers. Also, in September, Michael Spelfogel stated that the company’s experience in the airline sector has shown it how to effectively tailor solutions. According to him, Cardless uses the mentioned experience to help small and medium-sized businesses overcome their unique challenges.
Alibaba’s decision to cooperate with the mentioned company, rather than traditional financial giants, is evidence of fintech’s unique value proposition. The corresponding statement was made by Cardless.
As we have reported earlier, Aveni Raises $14 Million.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
