Fintech company Cardlay raises $4M in funding from private investors

Fintech firm Cardlay announced that it has raised $4 million in a funding round from private investors and the release of its white label solution for banks in order to help them optimize processes, retain customers and create new revenue streams.

The Copenhagen-based fintech company said that the funds were raised in a venture capital to further take its goal of partnering with banks that could use a helping fintech hand. Cardlay’s card management platform optimizes banks’ business processes by providing their corporate customers with an on-demand tool to manage payment cards, the release stated.

Banks can utilize Cardlay’s software to automate an average of 50% of their handling resources, resulting in significantly higher profit. Also, it provides banks with a digital platform so that they can further capitalize on existing corporate client portfolios, offering additional digital services for cardholders and corporations. This can increase customer engagement, loyalty, and earnings.

“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. 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,” Joergen Christian Juul, the Founder & CEO of Cardlay, said.

With Cardlay’s solution, banks can offer corporate customers with services including issuing of payment cards in multiple currencies to minimize interchange fees, seamless integration with most common ERP systems, loading and managing payment cards in a company controlled platform in real time, placing automatic limits on cards and specify where money can be spent, among others.