Denmark-based Cardlay partners with Eurocard and secures €9 mn

cardlay

Jørgen Christian Juul, CEO, and founder of Cardlay

Danish FinTech Cardlay has announced a partnership with Scandinavian corporate card issuer Eurocard in an effort to expand its solution to over 1 million corporate cards in the Nordic region. Cardlay also secured €9 million in new funding from SEB Bank and Seed Capital for further international expansion.

Jørgen Christian Juul, CEO, and founder of Cardlay stated, “It’s a strong customer base Cardlay now gains access to. We’re the first fintech to crack the code for complex legislation and complex IT systems in the banks. 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.”

According to various sources, the partnership will enable Eurocard to manage receipts, travel expenses and business-related purchases. It will also integrate receipt and expense management including an AI robot for VAT reclaim in Eurocard’s services.

Mads Krumhardt, CEO of SEB Kort, the issuer of Eurocard, stated, “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.”

Cardlay

Established in 2016 in Copenhagen, Cardlay allows issuing Banks and card issuers to capitalize digitally on existing portfolios. It offers payment card functionalities and added value within cards, transactions, travel expense management, mileage, and VAT reclaim with a single software platform to issue, load, and manage cards and expenses.

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