After three years of massive investment in a white label solution for automated expense management and VAT reclaim services, the Danish fintech company Cardlay is on the cusp of an international breakthrough. Through its new partnership with the largest issuer of corporate cards in Scandinavia, Eurocard, Cardlay now makes its solution available as a build-in service to 1 million of corporate cards in the Nordic region. Simultaneously Cardlay raises $10 million (€9 million approx.) in new funding from SEB Bank and Seed Capital for further international expansion.
At SEB Kort, the issuer of Eurocard, CEO Mads Krumhardt makes no secret of the fact that the ongoing digitalization presents the banks with challenges in maintaining their core business within credit cards and in relation to the customers. This scenario requires innovative thinking.