Embedded co-branded credit card platform for consumer brands
Fintech📍 San Francisco, CAFounded 2019
Current Valuation
Private
PRIVATE
IPO Outlookprivate
Is Cardless going public?
No. Cardless is private and has not filed to go public. There is no S-1 on file.
What is Cardless' valuation in 2026?
No confirmed valuation is on record for Cardless. The roster shows funding and investors where they are public; it does not estimate a mark.
Has Cardless filed an S-1?
No public S-1 is on file for Cardless.
Who are Cardless' investors?
Cardless' investors include Activant Capital, Industry Ventures, Underscore VC, Pear VC.
Answers are derived from the roster record shown on this page — filing status, last round and confirmed marks. Where the record is silent, the answer says so rather than guessing.
Cardless builds end-to-end credit card programs for consumer brands and crypto platforms, packaging the issuer relationship, rewards engine, and customer experience into a turnkey offering. The company powers card products for Coinbase and Bilt-style ecosystems and raised a $60M Series C in late 2025 to expand its client base. Cardless positions itself as the next-generation alternative to legacy card-banks-plus-processors stacks like those built on Marqeta and Galileo.
Company Profile
CEO
Michael Spelfogel
Founded
2019
HQ
San Francisco, CA
Employees
~100
Total Raised
$130M
Est. Revenue
$15M (2025)
Growth
Series C growth-stage
Last Round
Series C — $60M (Sep 2025) · Lead: Activant Capital
IPO Status
private
Fundraising Status
Series C · $60M · 11 mo ago
privateTotal raised $130M
Secondary Market
Implied price / share
$3.44
Last round price / share
$3
vs last round
+14.7%
Open interest
1
Last round price vs secondary price
Secondary price return by period
Implied per-share price from private secondary transactions, as of Jun 2026. This is a point estimate, not a quote — the feed carries no bid, ask or spread, and a secondary print is evidence of what someone paid on that date rather than a live market. Compare across every tracked name →
Latest Funding Round
Round
Amount
Date
Lead Investor
Post-Money
Series C
$60M
Sep 2025
Activant Capital
—
Talent Signal
Hiring trend
● First snapshot
trend accrues with monthly sweeps
Open roles
24
via ashby
Product-build share
17%
engineering, research, product, design
Trajectory
steady
go-to-market push — Only 17% of open roles build product — hiring is concentrated in sales/marketing/ops (5 of 24 open roles are operations).
Counted from Cardless's live job board as of 2026-08-17; role functions classified from posting titles. Open-role counts are an activity signal, not headcount. Refreshed monthly.
Founders & Key People
Michael SpelfogelScott Kazmierowicz
Investors
Activant Capital · Industry Ventures · Underscore VC · Pear VC
Private-company numbers are not real-time. Reflects publicly disclosed valuations from press releases, news reports, and tender offers as of recent date. Refreshed quarterly.