Denmark-based Cardlay has netted $5m in a new round of funding to support global expansion.
Funding came from Nordic-based venture capital firms SEED Capital and SEB Venture Capital. Angel investors including Thorleif Krarup, Klaus Holse, Jørgen Bardenfleth and Herbert Nathan, also participated in the A round.
Carlay provides commercial banks with a card and expense management platform, which gives the institutions ability to improve customer experience. The platform offers a card which gives a real-time reconciliation of transactions, to ensure expenses are paid quickly. Finance managers are able to use the solution to keep track of all payments and real-time costs for all of the company’s employees.
The company uses machine learning and AI capabilities to help automate transaction processes and expenses. Cardlay improves visibility and optimisation of card payment functions by adding new solutions including card transactions, travel expense management, mileage, and VAT reclaim.
SEED Capital general partner Lars Andersen said, “We believe that Banks, both national and international, will seek partnerships even more in the future with FinTech companies to ensure innovation power and distinctly faster market launches. Cardlay comes with a proven concept from multiple integrations coupled with a focused international strategy to position themselves as a market leader in Frontend for commercial transactions”.
This new line of funding brings the company’s total funding efforts up to $9m, with Cardlay securing a $4m round of funding in 2016. The previous round was supplied by undisclosed investors; however, SEED Capital has been a backer in Cardlay since 2016.
Cardlay’s funding round is not the only time SEED Capital and SEB Venture Capital have invested into a FinTech company together. The pair of firms also invested in to Danish blockchain solution Coinfy in late 2016.
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