In today’s corporate world, the issue of employees abusing corporate expenses is all too common. A 2016 global survey of CFOs revealed shocking requests made by employees, such as doggie day spa visits, taxidermy services, dance classes, a side of beef, and even a welder. These bizarre requests highlight the lack of control that companies have over how their employees use corporate payment cards.
Enter CleverCards, a Dublin-based startup that is revolutionizing the way companies manage corporate expenses. Rather than providing employees with traditional corporate credit cards that can be used for any purchase worldwide, CleverCards offers a digital platform linked to configurable expense cards. This platform allows businesses to deliver prepaid cards that can be tailored to specific employees and restrict certain transactions deemed inappropriate. CEO Kealan Lennon emphasizes the importance of finance control, ensuring that only authorized employees use the cards for intended purposes.
Despite a challenging investment climate in the financial technology industry, CleverCards recently secured 8 million euros ($8.6 million) in funding from investors. This brings the total amount raised by the startup to over 28 million euros. The investment round was led by strategic investor Pluxee, a company specializing in employee vouchers and benefits. Pluxee, which emerged from French food catering firm Sodexo, is listed on the Euronext stock exchange with a valuation of 4 billion euros.
Since its founding in 2019, CleverCards has amassed a clientele of over 10,000 businesses, including renowned companies like eBay, PaddyPower, Betfair, Accenture, Microsoft, and Apple. The startup has also ventured into partnerships with public sector organizations, such as the U.K. government. In 2022, CleverCards collaborated with the government to facilitate social welfare payments for individuals with smart meters facing financial strains due to escalating fuel prices. The cards were designated for bill payments on select utility companies’ websites, with identity verification checks conducted using artificial intelligence to prevent fraud.
Despite the challenging market conditions in fintech, CleverCards stands out by outperforming established payment tech giants like Adyen and Stripe. CEO Kealan Lennon attributes this success to the innovative approach taken by CleverCards, which focuses on customizable prepaid cards tailored to businesses’ specific needs. The startup plans to utilize the new funding to expand its operations, enhance its product offerings, and explore new opportunities in the market.
With the backing of investors and a growing client base, CleverCards is poised for further growth and success in the corporate expense management sector. By leveraging technology and financial expertise, CleverCards is reshaping the way businesses approach expense control and payment management. As the startup continues to innovate and expand its reach, it is set to become a key player in the evolving landscape of financial technology.