FinTech Cardless Launches Amex Partnership

Credit card FinTech Cardless has entered into an agreement with American Express that allows a number of America’s most high-profile brands to launch digital-first cards on the Cardless platform.

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

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

The release said customers will have 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 offer a range of features designed with digital native customers in mind, both in terms of access and security.

All cardless cards offer multiple features designed for digitally native consumers, both in terms of security and ease of access. New users can apply for a cardless card with their smartphone. Once approved, the virtual card will arrive in their mobile wallet within seconds, with a physical card appearing a few days later. Customers can manage their accounts through the Cardless app, with instant 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 more deeply with them, and our relationship with Cardless makes that possible by offering their customers access to the benefits and protections of American Express,” Stredwick said.

This news comes three days after American Express released earnings figures that showed an ongoing increase in credit use, with younger consumers proving particularly resilient when shopping online and in stores.

Read more: American Express: Millennial, Gen Z cards spend nearly 50%

CEO Steve Squeri said millennial and Gen Z consumers “are a large part of our existing customer base and our fastest growing age cohort, accounting for 60% of all new consumer card members we acquire.”

Spending by this group increased by 48% year-on-year, more than other generations, led in part by the continued growth of e-commerce and payment digitization.