Cardlay In $4 Million Round, Forms Partnerships

Danish front-end card management platform and cardholder application Cardlay, which works with banks to provide digital finance solutions as a means to compete with FinTech companies, recently announced it has raised $4 million in a funding round led by private investors.

Cardlay’s card management platform solution works to optimize financial business by providing software that automates up to 50 percent of banks’ handling resources. Cardlay provides tools for banks to manage payment cards, expense management, financial forecasting and a digital platform to increase customer engagement, loyalty and earnings. Cardlay’s platform allows banks to issue, load and manage payment cards in real time.

Jørgen Christian Juul, founder and CEO of Cardlay, was quoted as saying: “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.”

Cardlay is currently working to form partnerships with top-tier banks, assisting in corporate account management and allowing banks to further capitalize on existing portfolios. Additionally, Cardlay’s services feature optimizing tools for expense management, VAT retrieval, travel management and financial forecasting. Cardlay lets banks place automatic limits on cards and specify where money can be spent, as well as issue cards in multiple currencies as a means to reduce associated exchange fees.

The pace of change in the payments industry is not going to slow anytime soon. The services and solutions that Cardlay provides are becoming increasingly important for legacy banks as a way to compete with FinTechs and the increasing speed of financial innovation.



The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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