Cardless Announces $75 Million Credit Facility From i80 Group

The fintech company that provides custom co-branded credit card products also received angel investment from The Points Guy founder, Brian Kelly.

SAN FRANCISCO, May 16, 2023 /PRNewswire/ -- San Francisco-based financial technology firm, Cardless, Inc. today announced a new debt deal with i80 Group, securing a three-year $75 million credit facility. The deal is a warehouse facility that will enable Cardless to fund customer receivables, growth, and continue its work with large, globally recognized brands.

Concurrently, Cardless has announced that Brian Kelly, founder of The Points Guy has invested and will be an advisor to the company. Brian will join other Cardless angel investors and advisors that include founders of Netflix, Seat Geek, Bonobos, Plaid and more.

As Cardless innovates to meet the needs of consumer credit, the i80 debt facility offers flexibility to meet the growing demand for its co-branded credit card products. With a digital-first approach, Cardless makes consumer credit more accessible and engaging. Empowering the future of credit cards by rewarding users with experiences and perks that are tailored to their interests from the brands they love.

"We are excited to announce this debt partnership with i80 Group, which will increase our ability to be flexible in providing innovative and unique custom co-branded credit card products," said Michael Spelfogel, Co-Founder & President of Cardless. "With this credit facility, we are continuing our work with top-tier partners such as LATAM Airlines, Simon Property Group, American Express, and Liverpool Football Club as well as expanding avenues for co-branded credit card solutions."

In the midst of a constantly evolving macroeconomic environment, this agreement showcases Cardless' credibility and reputation as an industry leader. As Cardless pioneers new ways to elevate consumer credit, its co-branded credit card products continue to provide unique value to its partners' customers, all while offering a seamless and rewarding user experience.

"We're excited to partner with Cardless to support platform growth of their brand partners and credit card users. The Company's understanding of brands, technology and financial services allows them to provide a unique offering to various stakeholders," said Peter Frank, Managing Director at i80 Group.

About Cardless, Inc.

Cardless, Inc. is a credit card company based in San Francisco, CA. Founded in 2019 by Stanford graduates Michael Spelfogel and Scott Kazmierowicz, Cardless is on the cutting edge of cobrand credit card product development. Cardless has raised over $50M in equity funding from investors including Activant Capital, Greycroft, Accomplice, Pear VC, the ownership of Boston Celtics and Phoenix Suns, and the Founders of Plaid, Bonobos, Flatiron Health, and 100 Thieves. Cards issued by First Electronic Bank, Member FDIC.

About i80 Group

i80 Group is an investment firm designed to propel the innovation economy forward by empowering growth. The firm provides bespoke financing solutions that are unique to each investment partner's needs and are designed to help companies advance through critical growth milestones. The firm has offices in New York, San Francisco, and London. For more information, please visit www.i80group.com.

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SOURCE Cardless