In a world where corporate expenses can often be misused by employees, CleverCards, a Dublin-based startup, is changing the game by providing a new and innovative solution to this age-old problem. With the rise of digital platforms and configurable expense cards, CleverCards is empowering businesses to take control over how their employees utilize their corporate payment cards in a way that has never been done before.
A 2016 global survey of CFOs by human resources firm Robert Half revealed some shocking findings regarding improper expense requests made by employees. From doggie day spa visits to dance classes and even a side of beef, these requests shed light on the harsh reality that many companies face when it comes to trusting their employees’ judgment on corporate expenses. CleverCards CEO Kealan Lennon recognized this issue and set out to tackle it head-on.
Instead of traditional corporate credit cards that employees can use anywhere, CleverCards offers prepaid cards that are specifically configured for certain staff members and can block transactions deemed inappropriate by the company. This level of finance control is unprecedented and gives businesses the peace of mind that the right employees are using the cards for the intended purposes only.
Despite a tough market environment for fintech investments, CleverCards managed to secure 8 million euros in funding from strategic investor Pluxee. This brings the total raised by CleverCards to over 28 million euros, showcasing the growing confidence in the startup’s unique approach to corporate expense management. Pluxee, a vouchers and benefits platform spun off from Sodexo, recognized the potential of CleverCards and decided to invest in this innovative solution.
With over 10,000 businesses already onboard as customers, CleverCards has proven its value to companies of all sizes. Clients like eBay, PaddyPower, Betfair, Accenture, Microsoft, and Apple have all benefited from CleverCards’ solutions, demonstrating the broad appeal and versatility of the platform. Moreover, CleverCards’ collaboration with public sector organizations, such as the U.K. government, further solidifies its reputation as a trusted partner in managing corporate expenses.
Lennon shared that CleverCards is disrupting the payment tech landscape by taking business away from industry giants like Adyen and Stripe. This success story is remarkable considering CleverCards’ relative size compared to these established players. By consistently outperforming its competitors and winning business against them, CleverCards is proving that innovation and agility can trump size and legacy in the fintech sector.
With the fresh infusion of funds, CleverCards plans to expand its operations, scale its products, and explore new opportunities in the market. Additionally, the appointment of five new non-executive directors with extensive experience in payments technology will provide valuable insights and guidance as CleverCards continues its growth trajectory. The future looks bright for CleverCards as it aims to revolutionize corporate expense management on a global scale.
CleverCards’ innovative approach to corporate expense management is reshaping the way businesses handle financial transactions and empowering them with unprecedented control over their expenses. With a strong foundation, strategic partnerships, and a clear vision for the future, CleverCards is poised to become a leader in the fintech industry and set new standards for corporate finance controls.