Cardlay raises $4 million to help traditional banks embrace fintech solutions

As traditional banks face growing competition from fintech newcomers, a Danish fintech startup wants to help them fight back against the entrepreneurs banging at their gates.

Today, Copenhagen-based Cardlay announced it has raised $4 million in venture capital to further its goal of partnering with banks that could use a helping fintech hand.

“While banks have a wide understanding of infrastructure, they simply do not possess the ability to understand their customers,” said Joergen Christian Juul, founder and CEO of Cardlay.  “Using Cardlay as a front-end card platform, banks can easily provide added value to their customers in order to retain them and ultimately create whole new revenue streams from digital services.”

Cardlay provides a payment card management platform that makes it easier for banks’ corporate customers to manage their various accounts. By automating more of these interactions, banks can also cut costs. And, hopefully, the platform allows these banks to begin offering corporate customers other fintech-related services that generate more revenue.

Before creating Cardlay, Juul was executive chairman and founder at Wallmob, a point-of-sale startup that was acquired for an undisclosed sum by Nordic IT Conglomerate Visma. Cardlay’s board includes early Skype investor Morten Lund.