- Cardless launches an embedded credit card platform, allowing brands to create custom credit card programs.
- Coinbase (COIN, Financial) is the first partner, introducing the Coinbase One Card with unique crypto rewards.
- The platform empowers brands to maintain control over customer engagement and financial relationships.
In a significant move within the financial services sector, Cardless has unveiled its embedded credit card platform, aimed at enabling brands to create bespoke credit card programs without shifting their customer base to traditional banks. This innovative approach allows brands to integrate credit card features directly into their ecosystems, enhancing customer engagement and loyalty through personalized rewards and improved benefits.
Coinbase (COIN, Financial), recognized as the largest U.S.-based cryptocurrency platform, is the inaugural partner to utilize Cardless' new infrastructure. The partnership introduces the Coinbase One Card, a premium consumer credit offering designed for Coinbase's loyalty members. This card is scheduled to become available in the United States by fall and promises up to 4% back in Bitcoin on every purchase, expanding the benefits of crypto-native rewards in partnership with the American Express network.
The launch of the embedded credit card platform marks a shift from traditional co-branded credit card models, allowing brands like Coinbase to retain full control over the user experience. Cardless' technology simplifies card issuance, compliance, and customer support, while ingesting customer data to offer tailored rewards, ultimately driving higher application volumes, conversion rates, and customer retention.
"Until now, a brand had to become a bank or strike a complex M&A deal to build a truly differentiated credit card," noted Michael Spelfogel, President and Co-Founder of Cardless. Through this platform, brands can quickly deploy customized credit card programs that align with their customer engagement strategies.
Max Branzburg, Head of Consumer & Business Products at Coinbase, emphasized the partnership's goal of increasing economic freedom and providing an easy way for users to earn rewards with growth potential. This collaboration reflects Coinbase's mission to further economic freedom through crypto, aligning with their larger strategic initiatives in the financial technology space.
For further details, interested parties can learn more on the Cardless website. The Coinbase One Card will be issued by First Electronic Bank, with terms and conditions applying to the card and its rewards program.
