FinTech Cardless Launches Amex Partnership

Credit card FinTech Cardless has formed an agreement with American Express that lets a number of America’s highest profile brands launch digital-first cards on the Cardless platform.

The New York company announced the partnership in a news release Monday (July 25), noting that it comes at the same time as “significant” investment from Amex Ventures, American Express’ strategic investment arm.

Cardless added that it will use its investments from Amex Ventures and other venture capital backers to continue to expand the company’s product offerings, including exploring new opportunities, innovations and partnerships within the American Express network.

The release said customers will get access to “unique rewards from their favorite brands as well as popular American Express benefits, including Amex Offers (for things like shopping, travel, dining services, entertainment, etc.) and Global Dining Access by Resy.”

Founded in 2019, Cardless said its cards each offer a number of features designed with digital native customers in mind, in terms of both access and security.

All Cardless cards offer several features designed for digital-native consumers, both in terms of security and easy access. New users can apply for a Cardless card with their smartphone. Once approved, the virtual card will arrive in their mobile wallet in seconds, with a physical card showing up a few days later. Customers can manage their accounts through the Cardless app, with immediate access to things like rewards, purchase tracking and bill payment.

“Cardless’ digital-first mission and customer-first mindset make our brands a strong match,” said William Stredwick, senior vice president and general manager, global network services North America, American Express.

“Leading brands want to give their customers a more personalized experience and engage with them more deeply, and our relationship with Cardless makes that possible by offering their customers access to benefits and protections from American Express,” Stredwick said.

This news comes three days after American Express released earnings figures that showed an ongoing surge in credit use, with younger consumers showing to be especially resilient when shopping online and in stores.

Read more: American Express: Millennials, Gen Z Card Spend Up Nearly 50%

CEO Steve Squeri said that millennial and Generation Z consumers “are a large part of our existing customer base and our fastest growing age cohort, making up 60% of all new consumer card members we’re acquiring.”

Spending from that group rose 48% year on year, more than other generations, led in part by the continued growth of eCommerce and payment digitization.

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