Cardlay raises €9m in Series B funding and signs deal with Eurocard
Danish fintech start-up Cardlay has received €9 million in Series B funding and signed a deal with Eurocard, Scandinavia’s largest corporate card issuer.
Founded in 2016, Cardlay offers a white label card and transaction management software. Its platform can be used to issue, activate, load and manage cards and expenses.
Physical and virtual cards are issued “in a few seconds” in a chosen currency. Receipts and expenses are loaded from the app and administrated, approved and reimbursed centrally.
The firm has raised $18.8 million in funding over four rounds so far. Among its new investors is Nordic corporate bank Skandinaviska Enskilda Banken (SEB). The venture capital arm of the bank invested in Cardlay back in January 2018.
Cardlay’s new partnership with Eurocard will involve the integration and receipt and expense management, including artificial intelligence tools for automatic VAT reclaiming.
“We’re the first Fintech to crack the code for complex legislation and complex IT systems in the banks,” says Jørgen Christian Juul, CEO & founder of Cardlay.
“This means we can quickly add a digital layer over all banking and credit card systems. In return, the banks and card issuers can offer their corporate customers a wide range of new services directly on their existing card platform.”
Mads Krumhardt, CEO of SEB Kort Bank, which issues Eurocard, adds: “The whole market for corporate payment services is in transition. Card payments still have an advantage over all other solutions, especially when it’s the individual employee who carries out the transactions.”
“But maintaining this position requires innovative thinking and faster development of new services. Our partnership with Cardlay will facilitate both.”