Many consumers use their credit cards to earn rewards for their travels.
But what if you’re a sports fan and using a credit card can lead to virtual conversations with players on your favorite team?Thanks to being based in San Francisco Cardless, The opportunity may be slower than you think.
The startup, which is out to provide brands and tech companies with a way to launch custom co-branded credit cards, has raised $ 40 million in a Series B funding round led by Activant Capital. Other investors include Phoenix Suns and Boston Celtics owners and management, as well as existing backers such as Accomplice and PearVC. This funding brings the total value of the two-year-old company raised since its inception in 2019 to $ 50 million. Accomplice and Greycroft co-leaded the $ 7 million Series A last June.
Simply put, cardless Helping consumer brands launch credit cards “very quickly and easily” by hProgram creation, card underwriting, lending, issuing and brand customer service. This quarter, startups launched three digital programs. NBA Cleveland Cavalier, British football team Manchester United, and Florida-based Major League Baseball team Miami Marlins.
The company is trying to modernize the entire concept of co-branded credit card programs. According to Cardless co-founder and president Michael Spelfogel, only one of the 200 companies currently in the United States is from a company that is less than 20 years old.
“There are nearly 200 brands that use traditional…