Commercial card technology company Cardlay, based in Denmark, has announced a partnership with Mastercard Europe, expanding the FinTech's reach throughout the continent via Mastercard's network of issuing banks.
Reports in Finextra said on Monday (Jan. 27) that Cardlay, which provides a white-labeled solution for banks to augment their own corporate card offerings with automated expense management and VAT claim technologies, will be distributed via Mastercard's banking network across Europe.
In a statement, Cardlay Founder and CEO Jørgen Christian Juul said the partnership with Mastercard will accelerate its growth.
"With the Mastercard Europe partnership, we expect our solution to be built into as many as 10 million corporate cards over the next two years via the card issuers," he said. "In the short run, we aim at having agreements in place with 10 banks with at least 500,000 customers in their card portfolio each. We are already well into the negotiations with three banks."
The publication pointed to a statement issued by Mastercard that revealed plans to connect its partner banks in Europe to Cardlay's solutions, including its Card Management platform, which enables businesses to issue and manage their corporate and virtual card portfolios in real time for their employees. The platform offers integrated VAT automation by capturing data from transactions and uploaded receipts.
"Working closely with Mastercard is a testament to our vision to enrich all transactions for the future of banking and finance," Juul added. "Our platform is championing a culture of collaboration throughout the industry, enabling us to provide a better customer experience to corporate cardholders."
The Mastercard partnership follows last November's announcement of Cardlay's $10 million Series B funding round led by Sweden's SEB and Seed Capital, as well as a separate collaboration with Scandinavian card issuer Eurocard. The company also announced a $4 million funding round in 2016, which was led by private investors.