I’m thrilled to sit down with Priya Jaiswal, a renowned expert in Banking, Business, and Finance, whose deep knowledge of market analysis, portfolio management, and international business trends has made her a trusted voice in the fintech space. Today, we’re diving into the exciting world of Cardless, a credit card fintech that’s making waves with its innovative approach to co-branded cards. In our conversation, Priya sheds light on the company’s origins, their recent $60 million funding round, ambitious growth plans, and how they’re revolutionizing the way brands launch credit cards. We also explore their high-profile partnerships and their vision for the future of financial products.
How did the concept for Cardless come to life back in 2019, and what was the driving force behind starting this venture?
The idea for Cardless emerged from a gap in the market that was ripe for disruption. Back in 2019, the co-founders noticed that traditional banks dominated the co-branded credit card space, but the process was slow, clunky, and often disconnected from the brand’s own ecosystem. They wanted to create a platform that empowered brands to integrate credit cards directly into their customer experience, reducing friction and boosting engagement. The driving force was really about leveraging technology to shift power back to brands, allowing them to own the relationship with their customers rather than handing it over to a bank’s app or system.
What sets Cardless apart from traditional banks when it comes to offering co-branded credit cards?
What makes Cardless unique is their focus on speed and integration. Unlike traditional banks, where launching a card can take ages, Cardless uses a tech-driven platform with APIs and prebuilt components that let brands roll out cards in just 90 days. They also prioritize embedding the card experience within the brand’s own ecosystem, so customers aren’t redirected to a separate bank app. This creates a seamless user journey, increases conversion rates, and ultimately drives more revenue for the brand while Cardless handles the heavy lifting like underwriting and compliance.
With the recent $60 million funding round, bringing your total to $170 million, what’s the mood like within the Cardless team right now?
The energy is electric! Raising $60 million is a huge validation of the vision and hard work the team has put in. It’s not just about the money—it’s about the trust and confidence from investors that Cardless is on the right track. The team feels a mix of excitement and responsibility to deliver on the promise of transforming the co-branded card market. There’s a real sense of momentum as they gear up for the next phase of growth.
How do you plan to utilize this new capital to expand your existing card programs?
The funding is primarily earmarked for scaling current initiatives. A big chunk will go toward enhancing the card programs with existing clients, making sure those partnerships are as robust and innovative as possible. This means investing in better technology, improving customer experiences, and expanding the reach of these cards to capture more users. It’s about deepening the impact of what’s already working while fine-tuning the platform to handle even more volume and complexity.
Cardless has ambitious plans to double its headcount from 50 employees in the next 6 to 12 months. What does this rapid growth signify for the company?
This hiring surge signals that Cardless is moving from a startup focused on building its foundation to a company ready to scale aggressively. Doubling the team in such a short timeframe shows their commitment to meeting growing demand and seizing opportunities in the market. It’s a clear indicator that they’re preparing for a significant expansion of their operations, whether that’s through new partnerships, enhanced tech capabilities, or broader market penetration. Growth at this pace is both a challenge and an exciting milestone.
Can you walk us through how Cardless enables brands to launch credit cards in just 90 days?
Absolutely. The 90-day timeline is made possible by a streamlined, tech-first approach. Cardless provides a platform with ready-to-use components and APIs that brands can customize to fit their needs, from card design to rewards structures. Instead of starting from scratch, brands plug into this infrastructure, which cuts down development time drastically. Cardless also takes on the backend responsibilities like partnering with issuing banks and managing compliance, so brands can focus on their customer experience while the card is built and launched at lightning speed.
What has it been like partnering with major brands like Coinbase, Qatar Airways, and now Bilt Technologies?
Working with such prominent brands has been incredibly rewarding. Each partnership brings unique challenges and opportunities to innovate. For instance, with Coinbase, it’s about catering to a tech-savvy, crypto-focused audience, while Qatar Airways requires a focus on travel rewards and global reach. With Bilt Technologies, the focus is on revolutionizing rent payment solutions through credit cards. These collaborations push Cardless to think creatively and tailor their platform to diverse industries, which ultimately strengthens their expertise and offerings.
Can you tell us more about the Bilt partnership and the three cards set to launch in February?
The Bilt partnership is a major highlight. Bilt focuses on solving a real pain point—allowing renters to pay rent with a credit card and earn rewards without hefty fees. The three cards launching in February are designed to cater to different segments of their user base, offering tailored benefits tied to rent payments and lifestyle rewards. This collaboration is a perfect example of how Cardless enables brands to build financial products that resonate deeply with their customers’ everyday needs, and it’s a key focus area for growth with the new funding.
Looking ahead, how do you see the future of brand-created financial products evolving, and where does Cardless fit into that vision?
The future is incredibly bright for brand-created financial products. We’re moving away from the era of generic bank-issued cards toward a world where brands craft financial tools that are deeply integrated into their ecosystems. This shift is driven by technology—software and data capabilities that allow for hyper-personalized experiences. Cardless fits into this vision as a pioneer, providing the infrastructure and expertise to make this transition seamless for brands. I believe we’ll see more innovation in how credit cards are used as loyalty tools, and Cardless is positioned to lead that charge by empowering brands to own their customer relationships.
What’s your forecast for the co-branded credit card industry over the next few years?
I foresee a massive transformation in the co-branded credit card space over the next few years. As technology continues to advance, we’ll see even tighter integration between brands and financial products, with cards becoming a core part of customer loyalty strategies. Competition will heat up as more fintechs enter the fray, pushing innovation in rewards, user experience, and data utilization. I think the industry will grow significantly, potentially doubling in size as brands across sectors—from retail to travel to tech—realize the value of offering their own cards. Cardless, with its focus on speed and customization, is well-placed to capture a big piece of this expanding market.
