Corporate expenses are a critical aspect of every business, and the misuse or abuse of these expenses can have serious financial implications. In a recent development, CleverCards, a startup based in Dublin, has successfully raised 8 million euros in funding to address this issue using technology. This innovative approach has caught the attention of investors, especially in an industry that is currently experiencing a slowdown in investment.
According to a survey by Robert Half, employees have been known to make improper expense requests, ranging from doggie day spas to dance classes. This lack of judgment when it comes to corporate expenses poses a significant challenge for businesses. It becomes evident that there is a need for more control and oversight in this area.
CleverCards’ digital platform offers a unique solution to this problem by providing companies with configurable expense cards. These cards allow businesses to control how their employees use corporate payment cards, ensuring that the right employees get the cards for specific purposes. This level of finance control is crucial for businesses looking to manage their expenses effectively.
Recent Funding and Investment
In a recent announcement, CleverCards revealed that it had secured 8 million euros in funding from investors, with Pluxee leading the investment round. This brings the total funds raised by CleverCards to over 28 million euros, a significant milestone for the startup. Pluxee, a strategic investor, is known for its employee vouchers and benefits platform and has a valuation of 4 billion euros on the Euronext stock exchange in France.
Since its founding in 2019, CleverCards has attracted over 10,000 businesses as customers, including major names like eBay, PaddyPower, and Microsoft. The startup has also ventured into partnerships with public sector organizations, such as the U.K. government, to facilitate social welfare payments to those in need. This demonstrates the versatility and impact of CleverCards’ technology in various sectors.
Despite the challenges in the fintech industry, CleverCards has managed to stand out and compete with payment giants like Adyen and Stripe. The startup’s ability to win business against these established players highlights the effectiveness and uniqueness of its platform. CleverCards now aims to leverage the recent funding to expand its business, scale its products, and explore new opportunities in the market.
The use of technology to control corporate expenses is crucial for businesses looking to manage their finances efficiently. CleverCards’ innovative approach to expense management offers a viable solution to the challenges faced by companies in this area. With the recent funding and strategic partnerships, CleverCards is well-positioned to make a significant impact in the fintech industry and beyond.
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