Jun 3, 2025
Danish fintech company Cardlay has officially entered scale-up territory, reporting the strongest financial results in its history and four straight years of 100% year-over-year revenue growth.
Danish fintech company Cardlay has officially entered scale-up territory, reporting the strongest financial results in its history and four straight years of 100% year-over-year revenue growth. A result driven by a bold strategic shift to serve mid- and large-market clients and the foundation of a global expansion strategy now anchored in both the EU and the U.S.
“In 2023, we made a fundamental pivot. We went all-in on the mid/large market, betting that complexity and scale would be our competitive edge. It’s paid off across every key metric – and we’re just getting started,” says Jørgen Christian Juul, CEO and founder of Cardlay, who now operates 100% outside Denmark in EU and the U.S. to lead the company’s international operations.
Cardlay’s platform is built for scale and designed to serve commercial banks, issuers, and partners needing deep automation and real-time control over spend and payments in their own brand. Its modular, feature-based architecture powers everything from the small SMB enterprises to multinational clients – but the strategic shift is clear: mid/large enterprise clients are now the core business.
“We’re not chasing volume at the bottom – we’re solving real operational pain at the top. Our platform is strategic infrastructure for banks and partners who want to serve the full customer spectrum in a single, scalable solution,” Jørgen Christian Juul explains.
Since 2020, Cardlay has invested over DKK 150 million (~€20M) into platform development. Today, it stands out as one of the few global fintech providers offering a fully integrated, white-label spend management solution for issuers – capable of unifying the SMB, mid-market, and enterprise segments in one seamless experience.
The company’s momentum is accelerating as it prepares to launch two new white label solutions with partners in the U.S. mid/large market in summer 2025, with two additional solutions in the EU to follow. 95% of Cardlay’s future growth is expected to come from outside the Nordics, solidifying its transition into a European-American fintech growth story.
Recent moves to reinforce its U.S. ambitions include a strategic partnership with Visa and the appointment of Alan Koenigsberg, former Visa SVP and Global Head of Fintech, to the company’s advisory board.
“Having Visa as a partner and Alan Koenigsberg as an advisor gives us an unfair advantage in understanding – and winning – the U.S. market. We’re entering with confidence, clarity, and the right connections,” says Juul.
Cardlay has previously faced criticism for its aggressive investment strategy and long-term horizon. Today, it stands as a case in point for how vision, execution, and persistence can turn a fintech underdog into a growth engine.
With four years of consecutive 2x topline growth and a 20x revenue target by 2030, Cardlay is no longer building in stealth — it’s scaling with intent.
“We’re not here to prove ourselves to the media – we’re here to deliver real transformation for our customers. And right now, we’re delivering. At full speed,” concludes Juul.
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Pippa Woodruff
