Cardless secures $75m credit facility from i80 Group
By Delisha Fernandes
Cardless, a San Francisco-based financial technology, 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 the company to fund customer receivables, grow, and continue working with large, globally recognised brands.
As Cardless innovates to meet consumer credit needs, 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 tailored to their interests from the brands they love.
“We are excited to announce this debt partnership with i80 Group, which will increase our flexibility 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.”
This agreement showcases Cardless’ credibility and reputation as an industry leader in a constantly evolving macroeconomic environment. As Cardless pioneers new ways to elevate consumer credit, its co-branded credit card products continue to provide unique value to its partners’ customers while offering a seamless and rewarding user experience.
“We are excited to partner with Cardless to support the 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.
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