Eurocard will be rolling out the fintech company Cardlay’s solution Vattax for reclaiming VAT automatically to small and medium-sized enterprises across the Nordic region.
According to PwC, millions of unclaimed VAT Euros are in store for SMB’s in all of Europe when travel activity begins to pick up again.
Read More: Antier Solutions launches White Label Crypto Margin Trading & Derivatives Exchange Platforms
Vattax has been developed by the Danish fintech Cardlay in partnership with PwC’s VAT department. Initially, the solution was launched exclusively in Denmark at the end of 2019. At that point, Cardlay and SEB Kort, which operates Eurocard, engaged in a Nordic cooperation to develop a white label solution for expense management – of which Vattax is also a part.
Rolling out the automated VAT reclaim solution to the whole of the Nordics is the next step in the partnership, which is particularly targeted at small and medium-sized enterprises that in large measure miss out on or give lower priority to claiming EU VAT refunds due to lack of knowledge and resources.
In spite of the corona pandemic and minimal travel activity, the solution has already been adopted by more than 25 per cent of the Danish businesses that use Eurocard’s corporate card and the Eurocard Pro app featuring expense management and VAT reclaim services.
Read More: GlobalFintechSeries Interview with Konstantin Richter, CEO & Founder of Blockdaemon
“It goes without saying that corona and the significantly lower travel activity have been a massive obstacle to onboarding the number of users of the Vattax solution in the Eurocard Pro app we have the capacity to handle. Having said this, however, we’ve achieved a high market penetration among Danish businesses in spite of the lower travel activity. That’s why we are now launching throughout the Nordic region from the beginning of 2021. This means we’ll be fully prepared for the rebound of business travel in Denmark, Sweden, Norway and Finland,” says founder and CEO of Cardlay, Jørgen Chr. Juul.
According to the company, Cardlay’s VAT reclaim solution is the first ever AI-based solution to automatically help small and medium-sized enterprises reclaim foreign VAT. VAT is traditionally a cost accumulated by small Danish enterprises from business trips around the European countries, as the EU VAT reclaim process is too time-consuming and complicated.
Read More: Evaluating The Future of B2B Payments
