San Francisco-based financial technology firm Cardless entered into 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 and growth.
Concurrently, Brian Kelly, founder of The Points Guy, invested and will be an advisor to Cardless. Kelly will join other Cardless angel investors and advisors that include founders of Netflix, Seat Geek, Bonobos and Plaid.
“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,” Michael Spelfogel, co-founder and president of Cardless, said. “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,” Peter Frank, managing director at i80 Group, said.
