Copenhagen-based FinTech Cardlay has secured €8m in capital from Global PayTech Ventures, venture fund managed by former Mastercard executive Javier Perez.
As part of the financing, former president of Mastercard Europe, Perez will join the Cardlay board as vice chairman.
The funding will fuel Cardlay’s next phase of expansion and cooperation with processing platform FIS as well as focus on developing a joint product suite.
The funds have been acquired by Cardlay after a recent deal with FIS to develop a generic white-label front-end platform. With this, card issuers will be able to service their corporate clients with digital services on top of their existing offerings without the hassle of running large implementation projects.
Founded in 2016, Cardlay is a strategic partner to banks, card issuers and processors and delivers white label solutions for card management, expense handling, integrated virtual card and VAT reclaim services. The startup also offers card management solutions for the bank’s corporate customers and their employees. Furthermore, it has now ventured to offer tools for KYC, customer identification, travel expense management, VAT computation, ERP integration, among others.
Commenting on the funding, Cardlay CEO and founder Jørgen Christian Juul stated, “If Cardlay was an electric car company, the best person to attract to the board, would be Elon Musk. This is how I feel about attracting Javier Perez to our board. Javier’s extensive experience with developing innovative PayTech concepts and bringing them to the market will be of enormous benefit for Cardlay.”
In October 2019, Cardlay raised $10m in funding while announcing a partnership with Eurocard after which entered it into a partnership with Mastercard Europe a year ago targeting the 70 million corporate cards issued in Europe.
Speaking on the firm’s development Perez said, “The nature of commercial payment has changed over the past decades. Cardlay has shown how to enable new digital ways of commercial payment solutions for banks and issuers. The demand for digital solutions for legacy is growing very fast, and Cardlay already developed a comprehensive platform and a standard suite of services to supply this.”
Copyright © 2021 FinTech Global
