Last year, Cardlay, a Danish fintech company, secured €9 million in new funding and landed a Nordic partnership with Eurocard. Recently, the company has made an agreement with Mastercard Europe in an attempt to internationalise its financial scene.
Notably, Cardlay’s white-label expense management solution and automatic VAT reclaim are now available to Mastercard’s network of European issuing banks. This means that Cardlay’s solution, which already supports more than one million corporate cards in the Nordic countries, is now rapidly being distributed to Mastercard’s partner banks across Europe.
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Cardlay founder and CEO, Jørgen Christian Juul:
With the Mastercard Europe partnership, we expect our solution to be built into as many as 10 million corporate cards over the next two years via the card issuers. In the short run, we aim at having agreements in place with ten banks with at least 500,000 customers in their card portfolio each. We are already well into the negotiations with three banks.
On the other hand, Mastercard will introduce Cardlay to selected European issuers in its partner network. Cardlay’s proprietary technology offers commercial card issuers a number of innovative, digital solutions to support their clients and corporate cardholders, and eliminates the need for in-house builds or designs that cannot be scaled.
Cardlay’s Card Management platform is a user-friendly interface to issue, load, and manage corporate cards and virtual cards in real-time. The platform also offers an intuitive expense management solution, capturing critical data and allowing the digital upload of receipts, while also enabling expenses to flow directly into Cardlay’s VATTAX solution, which seamlessly processes cross-border VAT reclaim for clients.
The Danish fintech startup is already partnering with Eurocard in four Nordic countries and is adeptly servicing large international portfolios in multiple countries, with multiple languages, and across a suite of services.
Jørgen Christian Juul, said:
Working closely with Mastercard is a testament to our vision to enrich all transactions for the future of banking and finance. Our platform is championing a culture of collaboration throughout the industry, enabling us to provide a better customer experience to corporate cardholders.
Main image credits: Cardlay
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