A Danish company called Cardlay has closed a $4 million funding round to deploy its white label card management solution to banks.
Cardlay’s platform provides banks’ corporate customers with an on-demand tool to manage payment cards. It also gives banks a digital platform to offer additional services for cardholders and corporations that aim to 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,” Joergen Christian Juul, Cardlay's founder and CEO, said in a news release. “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.”
Cardlay lets banks provide corporate customers services like expense management, VAT retrievement, travel management, financial forecasting and process automation. They can also issue, load and manage payment cards in real time; place automatic limits on cards and specify where money can be spent; issue payment cards in multiple currencies to minimize interchange fees; and integrate with common ERP systems to provide a single automatic flow.
Cardlay received its funding from private investors and is now forming partnerships with top-tier banks, it said in the release.