Copenhagen-based Cardlay has signed a breakthrough deal with Eurocard, the largest card issuer in Scandinavia, and secured $10 million in new funding from both current and new investors such as SEB Bank and Seed Capital
The partnership with Eurocard means that Cardlay's white label package for expense management and automated VAT reclaim will now be integrated in the services that the Eurocard Pro App provides to approximately one million corporate cards issued in Denmark, Sweden, Norway and Finland.
Eurocard issuer SEB Kort says the integration of Cardlay's technology will help SMEs in the Nordic region streamline and minimise administrative tasks.
CEO Mads Krumhardt states: “Our partnership with Cardlay is closely linked to our digital strategy and gives us access to cutting-edge expense management technology in a white label solution built directly into the Eurocard Pro app. This means we can now roll out new, automated services to all businesses with Eurocard much faster, taking a more agile approach.”
The partnership will involve the integration of receipt and expense management, including an AI robot for automatic VAT reclaim developed by PwC.
Jørgen Christian Juul, CEO and founder of Cardlay, says the new funding will enable the firm to triple staff numbers from 50 to 150 and pave the way for expansion across the EU.