Global digital payments platform CleverCards has secured EUR 8 million for its solution designed to stop employees from abusing corporate expenses.
CleverCards uses a digital platform linked to configurable expense cards. The fintech enables companies to offer prepaid cards to their employees. Moreover, this solution makes it possible for businesses to control how their employees use their corporate payment cards. More precisely, the fintech allows businesses to configure how their prepaid cards are used by certain members of staff, restrict who can use them, and block inappropriate transactions.
The latest series of funding was led by Pluxee, an employee vouchers and benefits platform. To date, CleverCards has reportedly raised EUR 28 million. The company will use its capital to scale its products, further its growth, and accelerate its expansion efforts.
According to previous reports, CleverCards has signed up more than 10,000 businesses including eBay, PaddyPower, Betfair, Accenture, Microsoft, and Apple. The fintech also collaborates with public sector organisations such as the UK government.
As per a recent survey, one in four employees has used expense fraud due to concerns regarding their finances in an attempt to ease the costs associated with return-to-office policies. The same source noted that expense practices might contribute to the problem, rather than eliminating it.
According to the source, rising office-related expenses are putting a strain on employees' budgets. This financial pressure has led some workers to resort to questionable practices such as submitting personal purchases as business expenses in a bid to recoup their spending.
When it comes to its duration, The Association of Certified Fraud Examiners’ 2022 Report to the Nations suggests that expense reimbursement fraud is one of the longest-lasting type of fraud. The source reveals that this kind of fraud lasts for around 18 months before being detected.
When discussing the need for solutions such as the one extended by CleverCards, an official from the company emphasised that the cards give companies the financial control they require.
CleverCards is a global digital payments platform that provides instant distribution of configurable cards with the aim of optimising expense management and handing out employee benefits.
In 2021, the company announced that it raised EUR 10 million and that entered into a definitive agreement to acquire the business of ExpendiaSmart. Also in 2021, the fintech joined forces with Mastercard to expand the adoption of digital cards across Europe.
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