Copenhagen-based fintech scale-up, Cardlay, raises €8M in a fresh round of funding from Javier Perez’s Global PayTech Ventures. Torben Frigaard – Chairman at Cardlay, states Perez as the biggest scoop in the Danish Fintech business.
In addition to the investment, Perez – the former President of Mastercard Europe, joins Cardlay’s board as vice-chairman.
Founded in 2016, Cardlay provides corporate cards and white-label solutions for banks and card issuers. The company mentions in a statement that it aims to become the world’s most attractive and preferred digital product suite for commercial card issuers and banks.
It features solutions for issuing, loading, and managing corporate cards. The startup also offers card management solutions for the bank’s corporate customers and their employees.
Besided, the fintech also offers tools for KYC, customer identification, travel expense management, VAT computation, ERP integration, among others.
Funds for new growth strategy
Cardlay had earlier announced a partnership with processing platform, FIS, to enable a fast-scalable and generic white label front-end solution to banks and card issuers.
And this round’s capital will be used for the same purpose, to fuel the next phase of Cardlay’s cooperation with FIS by integrating the two platforms into a joint product suite. With this, card issuers can now service their corporate clients with digital services on top of their existing offerings without the hassle of running large implementation projects.
Former President of Mastercard Europe joins Cardlay’s board
To further strengthen its position within the global payment, Cardlay managed to onboard Javier Perez, former President of Mastercard Europe to the board of Cardlay.
Javier Perez was the CEO of Mastercard Europe and member of Mastercard’s global management team. He has an extensive and successful track record in new business development, mergers & acquisitions, and global strategy. Perez is an expert in developing innovative PayTech concepts and bringing them to market.
Speaking on the development, Javier Perez says, “The nature of commercial payment has changed over the past decades. Cardlay has shown how to enable new digital ways of commercial payment solutions for banks and issuers. The demand for digital solutions for legacy is growing very fast, and Cardlay already developed a comprehensive platform and a standard suite of services to supply this.”
CEO & founder of Cardlay, Jørgen Christian Juul says, “If Cardlay was an electric car company, the best person to attract to the board, would be Elon Musk. This is how I feel about attracting Javier Perez to our board. From his massive experience with Mastercard, including being part of its listing in 2006, his recent success as one of the seed investors in Adyen, and his commitment to engage in the discussion about visions, partnerships, opportunities, and execution, Javier’s values align greatly with ours.”