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i80 Group Provides $75MM Credit Facility to Cardless

May 17, 2023, 07:50 AM
Filed Under: Specialty Industries

Cardless entered 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."

"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.

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