Cardless, a fintech innovator, has launched an embedded credit card platform designed to enable brands to develop their own custom credit card programs. Coinbase, the largest U.S.-based cryptocurrency platform, is the inaugural partner utilizing this infrastructure to build the Coinbase One Card, a premium consumer credit offering for its loyalty members.
This development signifies a shift in the credit card ecosystem, allowing brands to gain greater control over their financial relationships with customers, moving beyond traditional co-branding arrangements. Cardless’ model delivers bespoke, embedded credit card programs engineered to foster higher brand engagement and loyalty through enhanced rewards and membership benefits. Unlike conventional co-branded credit card models, Cardless’ API-based platform, combined with its underwriting and servicing workflows, facilitates the native integration of lending infrastructure directly within a brand’s application or webpage. This approach aims to create improved customer experiences and drive higher conversion rates.
The embedded credit card platform empowers brands to launch and manage customizable card programs while maintaining full control over the user experience. Featuring a robust suite of APIs, rapid deployment capabilities, and pre-built flows, Cardless simplifies the complexities associated with card issuance, regulatory compliance, customer support, and capital markets. By ingesting customer data to personalize rewards and loyalty features, Cardless aims to help brands achieve stronger engagement and performance, leading to increased application volumes, improved conversion rates, and enhanced customer retention compared to traditional programs.
Michael Spelfogel, President and Co-Founder of Cardless, stated, “Until now, a brand had to become a bank or strike a complex M&A deal to build a truly differentiated credit card. Our embedded offering removes that barrier, enabling leading brands like Coinbase to build a deeply integrated custom credit card program in record time, delivering a unique loyalty value proposition for their customers.”
Coinbase has initiated a waitlist for the Coinbase One Card for Coinbase One subscribers, who will have the opportunity to earn up to 4% back in bitcoin on every purchase. The card is scheduled to become available in the U.S. this fall. Powered by the American Express network, the Coinbase One Card combines everyday usability with crypto-native rewards and access to American Express experiences, offers, and protections.
Max Branzburg, Head of Consumer & Business Products at Coinbase, commented, “Partnering with Cardless has let us build a deeply customized and secure card product that aligns with our mission to increase economic freedom and makes it easy for people to earn rewards with the power to grow.”
The Coinbase One Card will be issued by First Electronic Bank. Terms and conditions will apply for the Coinbase One Card and its associated rewards program. American Express is a registered trademark of American Express and is used by the issuer pursuant to a license.
