In an era where corporate expenses are often misused and abused, one startup is aiming to revolutionize the way companies control their finances. CleverCards, a Dublin-based firm, has recently secured 8 million euros in funding to further develop its digital platform. This platform is designed to give businesses more control over how their employees use corporate payment cards, ultimately preventing improper expense report requests.
The traditional approach of providing employees with corporate credit cards has proven to be unreliable, with many cases of excessive or unnecessary expenses being approved. CleverCards CEO Kealan Lennon recognized this issue and developed a solution that allows businesses to deliver prepaid cards that are customized to only be used by specific staff members. By blocking certain transactions that are deemed inappropriate, businesses can maintain a higher level of financial oversight.
CleverCards’ recent funding round was led by strategic investor Pluxee, a company specializing in employee vouchers and benefits. This additional investment brings CleverCards’ total raised funds to over 28 million euros. Pluxee’s backing demonstrates the confidence that key players in the industry have in CleverCards’ innovative approach to financial control.
Since its founding in 2019, CleverCards has managed to onboard over 10,000 businesses as customers. Its client roster includes well-known companies such as eBay, PaddyPower, Betfair, Accenture, Microsoft, and Apple. The startup has also ventured into partnerships with public sector organizations, showcasing the broad applicability of its platform.
One of CleverCards’ notable partnerships was formed with the U.K. government in 2022 to facilitate social welfare payments to individuals facing financial hardship. By utilizing its digital platform, CleverCards ensured that these payments could only be used to pay bills on select utility companies’ websites. The incorporation of artificial intelligence for identity verification further enhanced the security and credibility of the process.
Despite facing a tough market environment for fundraising and dealmaking in the fintech industry, CleverCards has managed to distinguish itself from larger competitors like Adyen and Stripe. The startup’s ability to secure new business and stand out in a crowded market speaks to the efficacy of its customizable payments platform.
With the recent injection of funds, CleverCards is poised to expand its operations, scale its products, and explore new opportunities in the market. The appointment of five experienced non-executive directors to its board further underscores the company’s commitment to leveraging their expertise in payments technology.
CleverCards’ innovative approach to finance control represents a significant step forward in addressing the challenges faced by businesses in managing corporate expenses. By providing a customizable platform that empowers companies to regulate spending and monitor transactions effectively, CleverCards is reshaping the landscape of financial technology. As the startup continues to grow and evolve, it is poised to make a lasting impact on the industry and set new standards for financial oversight and control.
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