The launch of the Smart Spend Debit Mastercard with Railsbank will initially enable Way2Vat to fast track its expansion into the UK and Europe.

Automated VAT/GST claim and return solutions provider, Way2VAT (ASX:W2V), has partnered with London-based Railsbank to launch Smart Spend Debit Mastercard –  the world’s first spend card that fully automates VAT/GST returns for SMEs.

The card allows businesses to submit spend receipts and capture invoices through Way2VAT’s proprietary technology platform.

“The Way2VAT Smart Spend Debit Mastercard is the first of its kind, and a game-changer for finance and management teams,” said Way2VAT CEO and Founder, Amos Simantov.

It will be first rolled out in the United Kingdom, Austria, Belgium, Cyprus, Denmark, France, Germany, Greece, Finland, Ireland, Italy, Luxemburg, Netherlands, Portugal and Spain. Further expansion is planned for Australia and North America.

The initial phase will involve introducing 5,000 cards to 150 companies with sizes of between 100 and 2,000 employees.

W2V says the company will generate a new annualised income stream through a Software-as-a-Service (SaaS) model where card users are charged monthly fees.

W2V will also earn revenue through licenses and a percentage from each successful VAT/GST refund.

“Many of our clients were asking for a product of this type. Our partnership with Railsbank can replace a company’s expense management system with a card that simplifies payments and eliminates complex administrative tasks,” said Simantov.

 

Unique product

The Smart Spend Debit Mastercard has a unique engine that controls expenses per transaction by merchant, expense category, date, amount and frequency.

 

It provides businesses with control over their user spending,  and also improves compliance, visibility and transparency.

The card also offers an easy-to-use dashboard that ensures payments can be made quickly and efficiently.

It’s accompanied by W2V’s mobile application, where every employee can submit receipts and capture invoices hassle-free.

“It dramatically reduces loss potential and increases the value of the tax refund,” said Simantov.

“The product aligns with our strategy presented in the prospectus, and has been developed with the use of IPO funds raised in September 2021.

“The Smart Spend Debit Mastercard will be a key driver as it allows us to upsell to our existing SMB and enterprise clients, and will drive strong sales in key markets such as the UK and Israel,” Simantov said.

 

This article was developed in collaboration with Way2VAT, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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