Cardlay is a Danish white-label fintech founded in 2016 that delivers white-label card management, expense handling, integrated virtual card, and VAT reclaim services to banks, card issuers and processors. The company positions itself as a strategic partner to banks, card issuers and processors with a comprehensive platform and standard suite of services for commercial payment solutions. Cardlay says the new funding will fuel its next phase of expansion and deepen cooperation with major processing platforms, notably FIS. As part of the financing, Global PayTech Ventures founder and former Mastercard Europe president Javier Perez will join Cardlay's board as vice-chairman to support partnerships and execution. Cardlay secured €8 million in financing from Global PayTech Ventures. No operational metrics (revenue or user figures) were disclosed in the article. Cardlay develops a white-label solution for automated expense management and VAT reclaim services, including receipt and travel-expense integration and an AI robot for automatic VAT reclaim developed by PwC. After three years of heavy investment in its platform, the company has partnered with Eurocard/SEB Kort to integrate its services as a built-in offering to roughly 1 million corporate cards in the Nordic region. The partnership enables Eurocard to offer automated receipt and expense management to corporate customers, addressing manual processes used by more than half of SMEs. Cardlay raised €9 million in new funding from SEB Bank and Seed Capital to accelerate international expansion. Founded in 2016 and based in Copenhagen, Cardlay currently employs 50 people and expects to triple its headcount as it pursues global expansion and additional major agreements. The company positions its technology as a digital layer over banking and credit card systems, allowing issuers to offer new services directly on existing card platforms. Cardlay has developed a management platform for payment cards and expenses targeted at commercial banks. The company positions its platform as a frontend for commercial transactions and integrates with banks to accelerate digitalisation. The Series A will be used to internationalise by broadening partnerships with banks in Europe and North America. Cardlay also plans to further develop features in machine learning and automation. The funding round announced is 30 million DKK (about €4 million) from SEED Capital and SEB Venture Capital alongside other investors. SEED Capital first backed the company in 2016, indicating continued investor support. Cardlay provides a white-label front-end Card Management Platform and Cardholder application for banks to automate corporate account and card management. The platform enables banks to issue, load, and manage payment cards in real time while placing automatic limits and specifying merchant-level spend rules. Built-in services include expense management, VAT retrieval, travel management, financial forecasting, process automation, multi-currency card issuance, and seamless ERP integrations. Cardlay says its software can automate an average of 50% of banks' handling resources, boosting profitability and enabling new digital revenue streams. The company is forming partnerships with top-tier banks to serve as their front-end platform and to capitalize on existing corporate client portfolios. Headquartered in Copenhagen, Denmark, Cardlay employs senior specialists across software engineering, computer science, financial services, and executive management. The company announced a $4 million funding round from private investors alongside the release of its white-label solution.

Total raised

$28M

Funding rounds

4

Latest round

Equity

Latest activity

Apr 2021