Danish fintech start-up Cardlay has raised $10m in a Series B funding round led by Sweden-based Skandinaviska Enskilda Banken (SEB) and Seed Capital.
Cardlay noted that the proceeds will be used to fund its global expansion plan. With the completion of the latest funding, the company has raised $18.8m in over four rounds.
Concurrently, Cardlay has also signed an agreement with Eurocard, a corporate card issuer in Scandinavia.
Cardlay, established in 2016, provides a white-label card and transaction management platform which helps card issuers to issue, activate and manage cards as well as expenses.
Under the terms of the agreement, Eurocard will integrate Cardlay’s receipt and expense management, including AI-powered tools for automatic VAT reclaiming.
SEB Kort Bank CEO Mads Krumhardt said: “The whole market for corporate payment services is in transition. Card payments still have an advantage over all other solutions, especially when it’s the individual employee who carries out the transactions.
“But maintaining this position requires innovative thinking and faster development of new services. Our partnership with Cardlay will facilitate both.”
The collaboration will enable Eurocard to provide new technologies to its SME customers in the Nordic region so that they modernise their operations and reduce administrative works.
Cardlay CEO and founder Jørgen Christian Juul stated: “We’re the first Fintech to crack the code for complex legislation and complex IT systems in the banks. This means we can quickly add a digital layer of overall banking and credit card systems.
“In return, the banks and card issuers can offer their corporate customers a wide range of new services directly on their existing card platform.”
Eurocard serves nearly one million customers that makeup of over 40% of the corporate cards market in the Nordic region.