Cardlay, a front-end card management platform and cardholder application based in Denmark, announced it secured $4 million from a group of private investors during a funding round. The company stated it now form partnerships with banks to serve as a front-end platform and will assist in optimizing corporate account management.
The company, which was founded earlier this year, stated its card management platform optimizes banks’ business processes by providing their corporate customers with an on-demand tool to manage payment cards. Its software also allows banks to automate an average of 50% of their handling resources, resulting in significantly higher profit. Cardlay then noted it provides banks with a digital platform so they can further capitalize on existing corporate client portfolios, offering additional digital services for cardholders and corporations.
Cardlay revealed that with its support, banks may provide corporate customers with the following services:
- Card Management system with business optimizing service tools, like expense management, VAT retrievement, travel management, financial forecasting and process automation
- Issue, load, and manage payment cards in a company controlled platform in real time
- Place automatic limits on cards and specify where money can be spent
- Issuing of payment cards in multiple currencies to minimize interchange fees
- Seamless integration with most common ERP systems to provide a single automatic flow from completing a purchase to bookkeeping it
Joergen Christian Juul, the founder & CEO of Cardlay, stated:
“While banks have a wide understanding of infrastructure, they simply do not possess the ability to understand their customers. We at Cardlay want to provide end users with a great intuitive front-end to connect with top tier banks and provide them with a much-needed digital tool to automate processes of corporate account management.”
Juul then added:
“Using Cardlay as a front-end card platform, banks can easily provide added value to their customers in order to retain them and ultimately create whole new revenue streams from digital services.”