Danish fintech Cardlay received $10 million in new funding in October 2019 and landed a Nordic partnership with Eurocard.
Now Cardlay is taking the next step on to the international financial scene with an agreement with Mastercard Europe which is behind most of the approx. 70 million corporate cards issued in Europe.
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.
“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 10 banks with at least 500,000 customers in their card portfolio each. We are already well into the negotiations with three banks,” says Cardlay founder and CEO, Jørgen Christian Juul.
Mastercard introduces Cardlay to partner banks
The statement from Mastercard on the new partnership is that 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 key 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.
“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,” says Jørgen Christian Juul.
Mastercard has chosen Cardlay as partner because of a strong front-end user app with a compelling UI, and offers a digitally integrated expense management solution incorporating cross-border VAT reclaim functionality. Cardlay 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.