Cardless raises $60M to expand partnerships with Coinbase
Fintech startup Cardless, which issues co-branded credit cards, has closed its largest round yet of $60M. Lead investor Spark Capital was joined by Activant Capital, Industry Ventures, and Pear VC.
The funds will support new co-branded products with Coinbase and Bilt Rewards. Co-founder and president Michael Spelfogel said the partnerships give Cardless access to the mass market and the ability to compete with the largest card issuers.
The flagship product will be a credit card with Coinbase. Holders will earn up to 4% cashback in Bitcoin on every purchase, with instant notifications of rewards. Rewards will scale with assets held on Coinbase, encouraging both card use and crypto storage.
Cardless states it can roll out new co-branded cards in 90 days, compared to up to a year for banks. Its technological edge includes product customization for partners and card offers placed directly on retailers’ checkout pages. Customers can also receive instant virtual cards once applications are approved.
The startup projects annual revenue growth to $150M by mid-2026, up from $15M in 2025, and expects to reach profitability by the end of next year.
Founded in 2019 in San Francisco, Cardless initially launched products tied to sports clubs, including the Boston Celtics, Manchester United, and Miami Marlins. But the customer base proved too narrow, leading the company to shift toward brands with broader audiences.
Cardless states it can roll out new co-branded cards in 90 days, compared to up to a year for banks. Its technological edge includes product customization for partners and card offers placed directly on retailers’ checkout pages. Customers can also receive instant virtual cards once applications are approved.
The startup projects annual revenue growth to $150M by mid-2026, up from $15M in 2025, and expects to reach profitability by the end of next year.
Founded in 2019 in San Francisco, Cardless initially launched products tied to sports clubs, including the Boston Celtics, Manchester United, and Miami Marlins. But the customer base proved too narrow, leading the company to shift toward brands with broader audiences.
The launch of co-branded cards with Coinbase and Bilt is expected to be Cardless’s key step into the top tier of the credit card market, currently dominated by JPMorgan and Capital One.
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