What a year, what a journey, what a team!
Looking back at 2018 I see a fantastic Cardlay journey – reaching great milestones, building new relations, proving chosen strategy and moving from local “start-up” to being an international “scale-up” with live platform and product suite.
Following a strong “Proof of Concept” during spring and summer Eurocard launched Eurocard Pro in the autumn – their first product in a row based on the Cardlay platform.
Initially it covers general services and “Travel Expense Management” for small businesses – and with a full product suite of services being launched continuously through 2019. Eurocard Pro has been launched in Denmark, Sweden, Norway and Finland in local languages as well as in English – making Cardlay in operation in 4 countries and 5 languages. In 2019 we will further be improving services for cardholders and administrations as well as launching optimized solutions for middle sized and larger enterprises.
One of Cardlays major developments in 2018 is the business product Vattax – a 100% automated process helping companies reclaim EU VAT from business related spending. It’s reclaim of money that for a high majority of all companies has been abandoned due to lack of knowledge about the reclaim process and the fact, that it is a hassle and an extremely time consuming process.
Vattax by Cardlay is a unique solution that directly from a real-time transaction, through recognition of data and merchants – and by an algorithm, machine learning and robot technology – fully automates the process and secure repayment, of the claimable VAT, to the companies. Vattax is already used with success by several companies, and will be launched for general use in January 2019.
Cardlay was able to attract very strong and experienced talent in 2018 – now having 45 dedicated employees. A clear strategy from the management has been to search and hire only the best, this has not only proven right from a “business focus” perspective, but has in addition created a search for working in Cardlay. We want to grow fast, but without compromising quality and integrity. We invest heavily in creating a professional and creative environment, in the effort of meeting individual needs and empowering talent.
The vision of Cardlay is to enrich all real-time transactions to the highest extent possible – bringing value to both cardholders, companies and partnering banks. This has proven to be a great basis for a strong strategy working together with some of the worlds leading issuing banks, thus servicing their portfolios covering millions of users.
Cardlay will further pursue this strategy by developing its software for more automation and bringing more benefits to commercial cardholders – through optimisation of time and reduction of hassle, by bringing overview like “money spent”, real “cash-back” from VAT Reclaim, fraud prevention and much more – all in the year to come!
In 2018 Cardlay was awarded for both the business strategy and design in Denmark as well as internationally. We are very proud of all recognitions, which further strive our hunger for improvement. One very important development in the market generally has been the extended focus on user behavior and design – fully supporting Cardlay’s DNA. From day one Cardlay has been 100% non-compromising on building the best and most loveable product for the users. We promise continued great (and very loveable) new developments in the near future 😉
Due to existing product suite Cardlay has had European market focus, and will settle in 2 new countries in Q1 and plan for at least 5 more in 2019, working with market leading banks in their territories. In funding we are still supported by our great Super Angels and investors SEED & SEB Venture, whom I want to thank for a fantastic cooperation and for our mutual set vision.
I personally look very much forward to 2019. We now work with the leading and most visionary issuing banks as well as their great teams, made possible by dedicated Cardlay employees that are not just hired but all share the vision and ambition to build a global market leader – and lastly we are proudly servicing daily users in the numbers of thousands that optimize their worklife by using the Cardlay powered product! This is why I am humble, honoured and happy to continue leading Cardlay in 2019 on this great journey.
Happy New Year
Jørgen Christian Juul is the founder of Cardlay and has extensive experience from holding Executive positions in listed companies and other corporate organisations, and at the same time being an entrepreneur. In his most recent position, he served as Executive Chairman at Wallmob, which he founded, operated, and sold to the Nordic IT Conglomerate Visma.