Cardlay Receives $6 Million Capital Injection

Danish financial technology company, Cardlay announced today that it has secured a $6 million (DKK 40 million) capital injection. According to the B2B fintech firm, the capital injection will assist the development of innovative solutions for banks and card issuers.

To achieve its growth milestones, Cardlay has announced the appointment of Morten Gade Christensen as its new CTO. Christensen has nearly two decades of experience in the corporate world. He previously worked with some of the leading names in the Danish business sector.

“We must continue to provide integrated payment and reimbursement infrastructure to global partners such as SAP Concur and FIS. At the same time, the capital injection will be used to complete an integrated solution for commercial payment that makes it easier for companies to integrate budgets, authorization processes, payments and reconciliation in a safe, simple and automated flow, minimizing errors and fraud. Finally, we are to integrate another large international bank into the portfolio and deliver a large order to a German customer,” Cardlay’s CEO Jørgen Christian Juul, said.

Amid the growing adoption of Cardlay's services, Juul highlighted that the company is planning to increase its total number of employees significantly in 2022/23.

Morten Gade Christensen

The newly appointed CTO will officially take his position from 1 June 2022. Christensen highlighted the importance of product quality for the expansion of Cardlay.

“Cardlay is an incredibly interesting and exciting company with attractive partners, skilled employees, and an ambitious growth strategy that is well supported by the company's investors. This is something I really respect, and I look forward to continuing and developing the strategy with a strong focus on ensuring the quality of Cardlay's product portfolio and operations for the future,” Christensen commented on his appointment.

Christensen previously worked with different prominent Danish companies, including Bankdata, Danisco and Energinet.