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.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“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.