Managing corporate expenses can be a challenging task for many companies. According to a survey of CFOs, employees have been known to make improper expense requests for things like doggie day spas, dance classes, and even taxidermy services. These requests highlight the issue that sometimes companies cannot trust their employees’ judgment when it comes to spending money on behalf of the organization.
CleverCards, a Dublin-based startup, has come up with an innovative solution to tackle the issue of improper corporate expenses. They have developed a digital platform that is linked to configurable expense cards, giving companies greater control over how their employees use corporate payment cards. Instead of handing out traditional corporate credit cards that can be used anywhere, CleverCards allows businesses to distribute prepaid cards that can be customized to only be used by specific staff members and block transactions that are deemed inappropriate.
Despite a challenging environment for financial technology startups, CleverCards recently secured 8 million euros ($8.6 million) in funding from investors. This brings their total funding to over 28 million euros to date. The investment round was led by strategic investor Pluxee, a company that specializes in employee vouchers and benefits. Pluxee spun off from French food catering firm Sodexo earlier this year and is listed on the Euronext stock exchange in France with a valuation of 4 billion euros.
Since its founding in 2019, CleverCards has managed to onboard over 10,000 businesses as customers. Some notable clients include eBay, PaddyPower, Betfair, Accenture, Microsoft, and Apple. The startup has also made inroads with public sector organizations, such as partnering with the U.K. government to distribute social welfare payments to individuals affected by rising fuel prices. CleverCards utilizes artificial intelligence for identity verification checks, ensuring secure transactions and minimizing the risk of fraud.
CleverCards has positioned itself as a competitive alternative to payment tech giants like Adyen and Stripe. The company’s CEO, Kealan Lennon, noted that CleverCards has been able to win business against these industry giants, showcasing the effectiveness of their customizable payments platform. The startup plans to utilize the fresh funding to expand its business operations, enhance its product offerings, and explore new opportunities within the financial technology sector.
In addition to securing funding, CleverCards has appointed five new non-executive directors to its board. These directors bring a wealth of experience in payments technology, further strengthening CleverCards’ position in the market. With industry veterans like Patrick Waldron, Donal Daly, Marc Frappier, Garry Lyons, and Viktoria Otero del Val on board, CleverCards is poised for continued growth and innovation in the realm of corporate expense management.
CleverCards’ unique approach to managing corporate expenses through a configurable digital platform has gained traction in the market, attracting investment and high-profile clients. The startup’s ability to address the challenges faced by businesses in controlling employee spending has positioned them as a disruptive force in the financial technology industry. With a strong foundation of funding, clientele, and leadership, CleverCards is well-equipped to revolutionize corporate expense management for companies worldwide.
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