CleverCards, a Dublin-based startup, recently raised 8 million euros of funding to enhance its technology aimed at preventing employees from abusing corporate expenses. The platform uses a digital system linked to expense cards that can be configured by businesses to control how their employees use their corporate payment cards. This innovative approach addresses the issue of companies not being able to trust their employees’ judgment when it comes to expenses. CleverCards CEO Kealan Lennon highlights the importance of finance control and the ability for businesses to ensure that the right employee is using the card for approved purposes.
The investment round was led by Pluxee, a strategic investor in CleverCards. With this new infusion of funds, the total money raised by CleverCards so far exceeds 28 million euros. Pluxee, a spin-off from French food catering firm Sodexo, is listed on the Euronext stock exchange with a valuation of 4 billion euros. CleverCards has gained traction in the industry since its inception in 2019, with over 10,000 businesses as customers, including well-known companies like eBay, Microsoft, and Apple. In addition to serving businesses, CleverCards also collaborates with public sector organizations.
CleverCards also partnered with the U.K. government in 2022 to facilitate the release of social welfare payments to individuals using smart meters for bill payments. The platform implemented artificial intelligence for identity verification checks on recipients to prevent fraud. Despite the challenging fundraising environment in the financial technology sector, CleverCards has managed to secure investment and showcase its competitiveness against industry giants like Adyen and Stripe. The startup plans to utilize the new funds to expand its business, scale its products, and explore additional opportunities for growth.
As part of its growth strategy, CleverCards has appointed five new non-executive directors to its board, bringing in individuals with extensive experience in payments technology. These industry veterans will contribute their knowledge and expertise to support CleverCards in achieving its objectives. CleverCards’ unique approach to expense management and financial control has positioned it as a viable alternative to established players in the market. The technology-driven platform aims to continue innovating and providing solutions that help businesses streamline expense management processes and optimize financial control.
