FinTech firm Cardlay has bagged $6m in a funding round as it looks to move onto the next step of its growth journey.
Cardlay has developed software that is aimed at helping firms automate business processes by leveraging integration between payment cards – both virtual and plastic – card management, expense management and automated VAT reclaim.
The capital influx has been invested through Cardlay’s current investors and will be used to finalise an integrated solution for commercial payment, integrate another large international bank into the portfolio as well as deliver a large order to an undisclosed German customer.
Cardlay CEO Jørgen Christian Juul said, “The capital injection makes up a fantastic boost from our current investors who really show their unconditional faith in and support for our growth strategy.
“We must continue to provide integrated payment and reimbursement infrastructure to global partners such as SAP Concur and FIS. At the same time, the capital injection will be used to complete an integrated solution for commercial payment that makes it easier for companies to integrate budgets, authorization processes, payments and reconciliation in a safe, simple and automated flow, minimizing errors and fraud. Finally, we are to integrate another large international bank into the portfolio and deliver a large order to a German customer.”
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