CleverCards raises EUR 10 mln and announces acquisition of ExpendiaSmart

Monday 24 May 2021 12:55 CET | News

Ireland-based CleverCards, a global payments platform, has announced that it has entered into a definitive agreement to acquire the business of ExpendiaSmart, also raising EUR 10 million.

This deal includes the related Italian Licensed Electronic Money Institution, subject to regulatory approval. ExpendiaSmart is a provider of spend management solutions, enabling large businesses and enterprises to manage expenses using its spend management software and smart corporate cards. 

Subject to regulatory approval, the addition of the Licensed Electronic Money Institution to the CleverCards group will boost its speed and agility in serving its markets and customers across Europe, as the press release states. In February 2021, Mastercard and CleverCards signed a strategic partnership to expand the usage of digital cards across Europe.

Separately, CleverCards also revealed it is closing out on a capital raise of EUR 10 million. The B2B fintech market remains highly fragmented and CleverCards is planning to consolidate it through an aggressive buy and build acquisition strategy. Announcing the acquisition of ExpendiaSmart and with several further acquisitions in the pipeline, the company said it will start planning for a raise expected to be in the region of EUR 50 million over the next 12 months.

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Keywords: funding, acquisition, corporate card, B2B payments, fintech
Categories: Payments & Commerce | Cards
Countries: Ireland
This article is part of category

Payments & Commerce