Video credit: Cledara
Challenge: Choosing the right partner for growth
After successfully launching in Europe with over 500 businesses as customers, Cledara selected the US market for expansion. They were looking for a robust but flexible embedded finance solution that allowed them to easily launch a credit card in the US without a large in-house development team or legal and compliance expertise. They wanted a platform that could provide an integrated payments solution that included KYB, card issuance, and sophisticated card controls.
Solution: Virtual credit cards provide control
By launching with Bond Embedded Credit, Cledara provides control of software subscriptions through individual virtual cards assigned to each SaaS subscription.
Virtual credit cards are key to overseeing spending as they enable controls at a very granular level. For example, a card can have a limit set exactly to the monthly cost of the particular subscription (e.g., Salesforce or Twilio) so overages or any other fees associated won’t be paid. Administrators also gain visibility and oversight with a single dashboard of all company SaaS software subscriptions while users can purchase the SaaS subscriptions easily through an embedded virtual credit card.
Result: Cledara tripled US transaction volume in the first month
Scale was key for Cledara. Using Bond’s KYB API, Cledara’s customers complete their onboarding and issue virtual credit cards through Bond’s API’s without time-consuming, manual review processes. By leveraging the Bond Ledger, Cledara is able to create a primary card for the entire business with multiple sub-cards for each individual SaaS subscription. The primary accounts maintain a high spend limit while dynamically allocating limits to multiple sub-cards.
Cledara’s dashboard summarizes spending for administrators using Bond’s Cards API. It also allows administrators to control spend at the card, user, or subscription level with just a few clicks.
Today and beyond with Bond
Cledara’s offerings in the US are in high demand and they needed a partner with a scalable platform, compliance expertise, and deep bench of talent to be with them for the long term. Cledara and Bond decided together to use charge cards in the US, rather than debit cards, to maximize interchange revenue and offer Cledara's customers cash backs, discounts, and other rewards.
In choosing Bond, Cledara can focus on growing their customer base in the US with the confidence that Bond will scale with them.
We can’t wait to see what else we can build next with Cledara!