In the competitive world of financial technology, CleverCards has managed to secure an impressive 8 million euros ($8.6 million) in funding from investors. This Dublin-based startup is making waves by using innovative technology to address the issue of employees misusing corporate expenses. The traditional practice of handing out corporate credit cards to employees without any oversight has led to various questionable requests, such as doggie day spa visits and dance classes. CleverCards CEO Kealan Lennon recognized this challenge and developed a digital platform that gives companies more control over how their employees use corporate payment cards.
According to a 2016 survey of CFOs conducted by Robert Half, employees have been known to make inappropriate expense report requests ranging from mundane items like dance classes to more bizarre requests like taxidermy services. This lack of judgment on the part of employees has created a significant problem for many companies, highlighting the need for better oversight and control over corporate expenses. CleverCards’ platform aims to address this issue by providing businesses with configurable prepaid cards that can be restricted to certain staff members and specific usage purposes.
Instead of relying on traditional corporate credit cards that offer little control or visibility into employee spending, CleverCards offers a unique approach. By leveraging digital technology, CleverCards enables businesses to customize prepaid cards to ensure that they are only used by authorized employees and for approved transactions. This level of granularity in expense control is unprecedented in the industry and has gained CleverCards recognition among leading companies such as eBay, PaddyPower, Betfair, Accenture, Microsoft, and Apple.
In a recent funding round led by strategic investor Pluxee, CleverCards secured an additional 8 million euros, bringing their total funding to over 28 million euros. Pluxee, a spin-off from Sodexo, specializes in employee vouchers and benefits and has shown confidence in CleverCards’ innovative approach to expense management. With over 10,000 businesses on board and a strong track record of success, CleverCards is poised for further growth and expansion in the fintech industry.
CleverCards has not only gained traction in the corporate sector but has also ventured into the public sector with initiatives like partnering with the U.K. government to facilitate social welfare payments. By leveraging artificial intelligence for identity verification checks, CleverCards ensures secure and efficient payment processing for recipients. This strategic expansion into different sectors reflects CleverCards’ commitment to innovation and addressing evolving market needs.
Despite a challenging market environment for fintech companies, CleverCards has managed to stand out and compete against industry giants like Adyen and Stripe. By offering a more tailored and sophisticated expense management solution, CleverCards has been able to win business and establish itself as a formidable player in the industry. With the new funding in place, CleverCards plans to further enhance its products, scale its operations, and explore new opportunities for growth.
CleverCards’ success story is a testament to the power of innovation and technology in transforming traditional business practices. By introducing a customizable and secure platform for managing corporate expenses, CleverCards has disrupted the industry and set a new standard for expense control. With strategic partnerships, a strong investor base, and a clear vision for the future, CleverCards is well-positioned to continue its growth trajectory and make a lasting impact in the fintech landscape.
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