CleverCards, a leading global payments platform, announced that it has entered into a definitive agreement to acquire the business of ExpendiaSmart® including the related Italian Licensed Electronic Money Institution, subject to regulatory approval.
ExpendiaSmart® is a provider of spend management solutions, enabling large businesses and enterprises to manage expenses using its spend management software and smart corporate cards.
“Sharing our obsessive focus on customer and user needs, the ExpendiaSmart® team have built a solid business by earning the trust of large enterprise customers across many industries. The CleverCards platform will empower ExpendiaSmart® customers to accelerate their digital transformation. With CleverCards, Businesses, Governments and Public sector organisations simply send a digital prepaid Mastercard to an email address or mobile phone number by SMS or WhatsApp, enabling anyone, anywhere, anytime, to be paid instantly. This makes it possible for recipients to spend online, or use their mobile in-store contactlessly using Google Pay, Samsung Pay or Apple Pay immediately. I am excited to welcome the outstanding ExpendiaSmart® team” said Kealan Lennon, CleverCards Founder & CEO.
Acquisitions are a core driver of CleverCards’ strategy and vision to become the ubiquitous global payments platform. Europe represents a fragmented market in Spend Management Solutions and Smart Corporate Cards, and consolidation represents a great opportunity for a buy and build strategy which CleverCards believes will enhance solutions for its customers. Subject to regulatory approval, the addition of the Licensed Electronic Money Institution to the CleverCards group will boost its speed and agility in serving these markets and customers across Europe.
Since launching its payments platform in 2019, the fast-growing Fintech has grown dramatically, working with over 5,000 large and enterprise businesses. In February this year, Mastercard and CleverCards signed a strategic partnership to expand the usage of digital cards across Europe, a FinTech partnership that provides unprecedented, unique access to Mastercard business development teams in key markets and to key commercial clients.