Corporate expense management sits at the intersection of card issuing, spend control, and accounting integration — a combination that most banks handle clumsily and most expense management software companies handle without the card infrastructure to make them truly useful. Cardlay was founded in Copenhagen in 2016 to build the infrastructure layer that connects all three. Its platform provides card programme management and expense management capabilities to banks and financial institutions that want to offer corporate card products without building the technology stack themselves. The white-label approach means Cardlay's technology powers card programmes under partner bank brands, combining virtual and physical card issuance, real-time spend controls, receipt capture, and accounting software integration into a single platform that banks can deploy to their business customers. In the competitive European corporate card market, where Soldo, Pleo, and Moss compete directly with business customers, Cardlay occupies a different position — selling to banks rather than to businesses, enabling incumbents to compete with the challengers rather than being replaced by them. That B2B2B positioning insulates it from the direct consumer competition while making it essential infrastructure for banks trying to modernise their corporate card offering.