Global PayTech Ventures Invests In Corporate Card FinTech Cardlay
Global PayTech Ventures (GPT) has invested in Danish financial technology firm Cardlay, whose technology allows for live card issuance and management in addition to other types of white-label front-end payment services “at scale,” according to a Tuesday (April 27) announcement.
“We’re excited about Cardlay because their unique platform provides massive value to their customers worldwide — banks, companies and their cardholders,” GPT Founder and Managing Partner Javier Perez said in the announcement.
Cardlay’s platform is comprised of four core components, which include card management, the corporate client app, VATTAX and travel expense management (TEM), according to the announcement.
The card management component provides an interface to control every corporate card in the moment. Users can issue, load, block and centrally manage every payment card, whether it be a virtual card or a tangible card.
In addition, the corporate client app component serves as the mobile front end for business cardholders and is the “first line” of online support and service for users, according to the announcement.
Moreover, VATTAX lets users reclaim European VAT directly without intervention from the cardholder app via a collaboration with Vattax, while TEM provides a live summary of every business expense for each cardholder throughout a business.
“We provide banks with a solution to build new revenue on existing portfolios, secure retention and gain new market shares. We deliver higher card adoption, new net revenues, cost savings and market differentiation by leveraging our fast, scalable business model,” Cardlay CEO and Founder Jørgen Christian Juul said in the announcement.
As previously reported, commercial card adoption is increasing as more organizations want to digitize their payments and also benefit from the growing value-added opportunities that other payment methods such as automated clearing house (ACH) services don’t provide.
From early payment discounts to reward programs, commercial cards heighten their attractiveness to corporate users via integrated offerings.