Embedded co-branded credit card platform for consumer brands
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.
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.
How much has Cardless raised?
Cardless has raised $130M in total, most recently a Series C of $60M in Sep 2025.
Is Cardless publicly traded — can you buy Cardless stock?
No. Cardless is a private company — its shares are not listed on any exchange and there is no ticker. The routes to exposure are pre-IPO secondary marketplaces and funds (accredited investors), employee tender offers when the company runs one, and public companies with read-through exposure. QuantLogix maps every route it can verify for Cardless on its Pre-IPO Access Desk.
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.
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 · 1y 1mo 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
▶ Hiring steady
+4% vs 2026-08
Open roles
25
via ashby
Product-build share
24%
engineering, research, product, design
Trajectory
steady
go-to-market push — Only 24% of open roles build product — hiring is concentrated in sales/marketing/ops (4 of 25 open roles are marketing).
Counted from Cardless's live job board as of 2026-09-14; 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.