Cardlay Company Profile

Background

Overview

Cardlay is a Danish fintech company founded in 2016, specializing in digital spend management solutions. The company offers a white-label platform that enables banks, card issuers, and financial institutions to provide seamless card management, expense handling, and reconciliation services to their clients. By automating and simplifying business processes, Cardlay aims to transform how companies manage payments and expenses, making them digital, intelligent, and paperwork-free.

Mission and Vision

Cardlay's mission is to drive effortless corporate spend by making it easy for businesses to handle cards, payments, and expenses. The company's vision is to empower financial institutions and businesses worldwide to modernize their spend management processes through innovative, scalable, and user-friendly solutions.

Primary Area of Focus

Cardlay focuses on providing end-to-end spend management solutions, including:

Payment Cards: Issuing and managing both virtual and physical corporate cards.

Card Management: Offering real-time control and visibility over corporate card usage.

Expense Management: Automating expense reporting and reconciliation processes.

VAT Reclaim: Facilitating automatic reclaim of European VAT through integration with VATTAX.

Industry Significance

In the rapidly evolving fintech landscape, Cardlay stands out by enabling financial institutions to offer comprehensive, white-label spend management solutions. This capability allows banks and card issuers to enhance their service offerings, improve customer retention, and tap into new revenue streams by providing modern, efficient spend management tools to their clients.

Key Strategic Focus

Core Objectives

Expansion into Mid and Large Markets: In 2023, Cardlay shifted its strategic focus to serve mid and large-market clients, aiming to leverage complexity and scale as competitive advantages.

International Growth: The company is targeting significant expansion in the European Union and the United States, with plans to launch new white-label solutions with partners in these regions.

Specific Areas of Specialization

White-Label Solutions: Providing customizable platforms that allow partners to offer branded spend management services without the need for in-house development.

Automated Expense Management: Streamlining expense reporting and reconciliation through automation, reducing administrative overhead for businesses.

VAT Reclaim Services: Simplifying the process of reclaiming European VAT, ensuring compliance and maximizing refunds for businesses.

Key Technologies Utilized

Cloud-Based Infrastructure: Ensuring scalability, security, and reliability of services.

API Integrations: Facilitating seamless connections with various financial systems, including ERP and accounting platforms.

Artificial Intelligence: Employing AI for transaction enrichment, expense categorization, and VAT reclaim processes.

Primary Markets Targeted

Financial Institutions: Banks and card issuers seeking to enhance their corporate card offerings.

Mid and Large Enterprises: Companies requiring efficient spend management solutions.

Technology Corporations: Tech companies looking to integrate spend management into their financial services.

Financials and Funding

Funding History

Since its inception, Cardlay has secured multiple funding rounds to support its growth and development:

Series B Funding (2019): Raised €9 million, with investments from existing investors including SEB Ventures and Seed Capital.

Additional Investment (2019): Secured DKK 70 million (approximately $10 million) from existing investors.

Investment from Global PayTech Ventures (2021): Received investment to support the expansion of its cloud-based platform.

Utilization of Capital

The funds raised have been allocated towards:

Platform Development: Enhancing the scalability and functionality of Cardlay's spend management solutions.

Market Expansion: Establishing a presence in new markets, particularly in the EU and the U.S.

Strategic Partnerships: Collaborating with industry leaders like Visa and Mastercard to expand service offerings.

Pipeline Development

Key Pipeline Candidates

Cardlay is focusing on developing and launching new white-label solutions tailored for mid and large-market clients in the EU and U.S. These solutions aim to provide comprehensive spend management services, including card issuance, expense management, and VAT reclaim capabilities.

Anticipated Milestones

Summer 2025: Launch of two new white-label solutions with partners in the U.S. mid/large market.

Following Launches: Introduction of two additional solutions in the EU market.

Technological Platform and Innovation

Proprietary Technologies

Card Management Platform: A user-friendly interface for issuing, loading, and managing corporate cards in real-time.

Expense Management Solution: Automates expense reporting and reconciliation, integrating with various financial systems.

VATTAX Integration: Facilitates automatic reclaim of European VAT through a seamless process.

Significant Scientific Methods

AI-Powered Transaction Enrichment: Enhances transaction data for better categorization and reporting.

Automated VAT Reclaim: Simplifies the process of reclaiming VAT, ensuring compliance and maximizing refunds.

Leadership Team

Executive Profiles

Jørgen Christian Juul: CEO & Founder. With a background in internet entrepreneurship, Juul founded Cardlay in 2016, aiming to revolutionize corporate spend management.

Simon Birch Skou: CMO/CRO. Responsible for overseeing marketing and revenue operations, Skou plays a key role in driving Cardlay's growth strategies.

Kasper Guul Laursen: Chief Sales Officer. Leads the sales team, focusing on expanding Cardlay's market presence and customer base.

Michel Thorsen: Chief Technology Officer. Oversees the technological development of Cardlay's platform, ensuring innovation and scalability.

Mikkel Godt Gregersen: CFO. Manages financial operations, including funding strategies and financial planning.

Charlotte Juel Toftbo: VP Implementation. Ensures smooth implementation of Cardlay's solutions for clients, overseeing project management and customer success.

Competitor Profile

Market Insights and Dynamics

The spend management and fintech sectors are experiencing rapid growth, driven by the increasing need for digital solutions that offer real-time control and visibility over corporate spending. Companies are seeking efficient, scalable, and secure platforms to manage payments, expenses, and compliance requirements.

Competitor Analysis

Expensya: Offers an expense management platform with features like receipt scanning and automated reporting.

Soldo: Provides a multi-user expense account with prepaid cards and real-time expense tracking.

Pleo: Delivers smart payment cards and expense management tools for teams.

Strategic Collaborations and Partnerships

Cardlay has formed strategic partnerships to enhance its service offerings:

Visa Ready Program (2025): Joined Visa's program to expand fleet spend management solutions.

Mastercard Partnership (2020): Collaborated to integrate Cardlay's solutions into Mastercard's network of European issuing banks.

Operational Insights

Strategic Considerations

Cardlay's focus on mid and large-market clients positions it to address complex operational needs, offering scalable solutions that can be customized to meet diverse requirements. The company's partnerships with major financial institutions like Visa and Mastercard provide a competitive edge in expanding its market reach and enhancing service offerings.

Competitive Advantages