In a world where improper expense report requests like doggie day spas and taxidermy services are becoming increasingly common, CleverCards, a Dublin-based startup, is revolutionizing the way companies manage their corporate payments. With a digital platform linked to configurable expense cards, CleverCards gives businesses the control they need to ensure that their employees are using corporate payment cards responsibly.
CEO Kealan Lennon underscores the importance of financial control in today’s corporate environment. Rather than simply handing out corporate credit cards with no oversight, CleverCards allows businesses to deliver prepaid cards that can be configured to limit usage to specific employees and purposes. This innovative approach ensures that companies can trust that their funds are being used appropriately.
Despite a challenging market for fintech investments, CleverCards recently raised €8 million in funding, bringing their total raised to over €28 million. This round was led by Pluxee, a strategic investor with a focus on employee vouchers and benefits. Pluxee’s investment highlights the potential they see in CleverCards’ unique approach to corporate payments.
Since its founding in 2019, CleverCards has already acquired over 10,000 business customers, including industry giants like eBay, Microsoft, and Apple. Beyond the private sector, CleverCards is also making waves in the public sector by partnering with government organizations to distribute social welfare payments. By leveraging artificial intelligence for identity verification checks, CleverCards is setting a new standard for fraud prevention in financial transactions.
Kealan Lennon notes that CleverCards is not afraid to compete with industry heavyweights like Adyen and Stripe. By offering a more tailored and controlled approach to corporate payments, CleverCards has been able to win business even against larger competitors. This success speaks to the value that CleverCards brings to the market and the importance of innovation in the fintech industry.
With the new funding in hand, CleverCards is poised to expand its business, scale its products, and explore new opportunities in the market. Additionally, the company has appointed five new non-executive directors with extensive experience in payments technology to help guide its growth strategy. This strategic move positions CleverCards for continued success and innovation in the evolving landscape of corporate payments.
CleverCards’ approach to managing corporate expenses marks a significant shift in the fintech industry. By providing businesses with the tools they need to control and monitor their financial transactions, CleverCards is setting a new standard for responsible corporate spending. With a strong investor backing and a growing list of high-profile clients, CleverCards is well-positioned to continue its growth and make a lasting impact in the world of corporate payments.
Leave a Reply