Cardless, Inc., a financial technology company based in San Francisco, has successfully obtained a three-year $75 million credit facility in a new debt deal with i80 Group. This warehouse facility will empower the company to finance customer receivables, facilitate growth, and maintain its collaborations with prominent global brands.
Simultaneously, Cardless announced that Brian Kelly, founder of The Points Guy, has invested in the company and will serve as an advisor. Kelly joins a roster of influential angel investors and advisors, including founders of Netflix, Seat Geek, Bonobos, and Plaid.
Established in 2019 by Stanford graduates Michael Spelfogel and Scott Kazmierowicz, Cardless is a fintech firm specializing in custom co-branded credit card products issued by First Electronic Bank, Member FDIC. The company has raised more than $50 million in equity funding from an impressive array of investors such as Activant Capital, Greycroft, Accomplice, Pear VC, the owners of the Boston Celtics and Phoenix Suns, and the founders of Plaid, Bonobos, Flatiron Health, and 100 Thieves.
With the new credit facility and a strong support network of investors and advisors, Cardless is well-positioned to continue its growth trajectory and make a significant impact in the fintech industry.