CleverCards, a Dublin-based start-up helping large corporates pay their consumers, employees, and vendors with virtual cards, has made its first acquisition. Italian card management firm, ExpendiaSmart, will become part of the Irish fintech. Subject to regulatory approval, the deal – the value of which was not disclosed – will also see CleverCards inherit ExpendiaSmart’s electronic money institution (EMI) licence. CleverCards was founded in 2011. Until now, it has operated under a partner’s licence, rather than its own. In Ireland, the central bank has only issued 12 EMI licences to the likes of Facebook, Stripe, Coinbase, Soldo, and Square. CleverCards CEO and founder, Kealan Lennon CleverCards CEO and founder, Kealan Lennon, tells FinTech Futures “there are even less” in Italy – ten to be exact. With Brexit ruling out the usefulness of an FCA-issued EMI licence, CleverCards needed to look further afield. Upcoming investment rounds Alongside its acquisition and incoming EMI licence, CleverCards is also in the midst of closing out a capital raise of around €10 million. Set to land in the next four weeks, investors include Gareth Lambe, head of Facebook Ireland, Dónal Daly (who sold Avoca Capital to KKR back in 2014), and serial property entrepreneur Pat Gunne. Another investor is one of Ireland’s wealthiest families, the Smurfits, whose empire rests on Smurfit Kappa Group, one of Europe’s largest packaging firms. After this raise closes, Lennon says CleverCards will start planning for the next one, “probably in the region of €50 million, over the next 12 months”. It will underpin the start-up’s…
CleverCards to gain EMI licence via M&A, raises Facebook exec-led €10m round
CleverCards to gain EMI licence via M&A, raises Facebook exec-led €10m round
