In a time where corporate expenses seem to be spiraling out of control, one startup is aiming to revolutionize the way companies manage and monitor employee spending. CleverCards, a Dublin-based firm, recently secured an impressive 8 million euros in funding from investors, despite the financial technology industry facing a period of reduced investment.
A 2016 survey of CFOs revealed shocking details of employees making improper expense requests, ranging from luxury services such as a doggie day spa to more bizarre requests like taxidermy services. These incidents shed light on a harsh reality – many companies struggle to trust their employees’ judgment when it comes to corporate expenses.
CleverCards CEO, Kealan Lennon, recognized the need for a solution to this widespread issue. The startup’s digital platform offers a unique approach by linking configurable expense cards to a centralized system that provides companies with ultimate control over how their corporate payment cards are being utilized. Instead of handing out traditional corporate credit cards, CleverCards allows businesses to issue prepaid cards that can be customized to only be used by specific staff members and to block transactions deemed inappropriate.
In a bold move, CleverCards recently announced an investment round led by strategic investor Pluxee, which pushed the total funds raised by the startup to over 28 million euros. Pluxee, a prominent employee vouchers and benefits platform, emerged as a key supporter of CleverCards’ mission. Despite being founded in 2019, CleverCards has already onboarded over 10,000 businesses as clients, including industry giants like eBay, Microsoft, and Apple.
Apart from catering to corporate clients, CleverCards has also ventured into partnerships with public sector organizations. One notable collaboration involved assisting the U.K. government in distributing social welfare payments to individuals experiencing financial hardships due to rising fuel prices. By leveraging artificial intelligence for identity verification checks, CleverCards ensured a secure and fraud-free process for recipients.
Lennon highlighted that CleverCards’ recent funding success is a testament to the startup’s disruptive presence in the fintech market. Despite fierce competition from payment tech giants like Adyen and Stripe, CleverCards has managed to secure business victories against industry incumbents. The startup’s ability to offer a configurable payments platform that caters to specific business needs has set them apart in a crowded market landscape.
With the fresh influx of funds, CleverCards aims to scale its operations, enhance its product offerings, and explore new growth opportunities in the market. Additionally, the startup appointed five new non-executive directors with extensive experience in payments technology, signaling a strategic move towards strengthening its leadership team.
CleverCards’ innovative approach to corporate expense management signifies a shift towards more precise and controlled spending practices. By giving businesses the power to monitor and regulate employee expenses effectively, CleverCards is carving a niche for itself in the competitive fintech sector. As the startup continues to expand its reach and refine its offerings, it is poised to become a prominent player in reshaping the future of financial technology.