Irish B2B card payments outfit CleverCards has closed on a €10 million funding round and picked up a European Money Institution licence through the acquisition of spend management platform ExpendiaSmart.
Since launching its payments platform in December 2019, CleverCards has attracted over 5,000 businesses to the service.
The company is planning to extend its range of services through an acquisition roll-up strategy encompassing the entire B2B payments chain, beginning with the takeover of Italy's ExpendiaSmart, which enables large businesses and enterprises to manage expenses using its spend management software and smart corporate cards.
CleverCards has its sights set on a €50 million capital raise to support its growth plans, having just sealed a €10 million funding round which included backing from former PayPal executive Gareth Lambe, now head of Facebook Ireland and a board member of WhatsApp/Facebook payments.