Danish card technology firm Cardlay has teamed up with Mastercard Europe to serve the latter’s issuing bank network in the continent.
Under the alliance, these banks will now gain access to the white label expense management solution along with the automatic VAT reclaim service offered by Cardlay.
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Cardlay’s Card Management platform supports corporate and virtual card issuance and management. All this is done in real-time.
The platform facilitates digital receipt upload and captures data, allowing expenses to flow into the VATTAX solution of Cardlay.
Commenting on the tie-up, Cardlay founder and CEO Jørgen Christian Juul said: “With the Mastercard Europe partnership, we expect our solution to be built into as many as 10 million corporate cards over the next two years via the card issuers. In the short run, we aim at having agreements in place with 10 banks with at least 500,000 customers in their card portfolio each.
“We are already well into the negotiations with three banks.”
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By GlobalDataLast November, Cardlay received $10m investment through a Series B funding round to support its global expansion plan. The funding round was led by Skandinaviska Enskilda Banken (SEB) as well as Seed Capital.
At the same time, Cardlay entered into a partnership with corporate card issuer Eurocard.
