Danish white label fintech Cardlay has secured €8 million in financing from newly minted Global PayTech Ventures.
As part of the financing, Global PayTech Ventures founder, and former president of Mastercard Europe, Javier Perez, will join the Cardlay board as vice-chairman.
The funding is expected to fuel Cardlay's next phase of expansion and cooperation with one of the world's largest processing platforms, FIS.
“Cardlay has shown how to enable new digital ways of commercial payment solutions for banks and issuers. The demand for digital solutions for legacy is growing very fast, and Cardlay already developed a comprehensive platform and a standard suite of services to supply this. I look forward to supporting Cardlay over the coming years as they continue to enhance the global infrastructure and front-end solutions,” comments Perez.
Founded in 2016, Cardlay is a strategic partner to banks, card issuers and processors and delivers white label solutions for card management, expense handling, and integrated virtual card and VAT reclaim services.
“Javier’s extensive experience with developing innovative PayTech concepts and bringing them to the market will be of enormous benefit for Cardlay. From his massive experience with Mastercard, including being part of its listing in 2006, his recent success as one of the seed investors in Adyen and his commitment to engage in the discussion about visions, partnerships, opportunities and execution, Javier’s values align greatly with ours," adds Cardlay CEO and founder Jørgen Christian Juul.
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