Fintech 8common surges 38pc after teaming up with EML Payments
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8common has been historically known for its travel expense management software Expense8, which helps government departments and large corporates plan, book and monitor travel and travel expenses.
In recent months it has launched two further platforms, CardHero and CardHero+, which act as virtual and physical prepaid Mastercards linked to a centralised platform for compliance monitoring.
Today 8common announced it was partnering up with EML, which provides payment solutions, to launch CardHero. The companies will issue CardHero-branded prepaid Mastercards targeted at government entities and large corporates.
Revenue will come from a monthly platform fee and a second fee, which will be either a per card fee or percentage of load fee dependent on client needs.
8common CEO Andrew Bond said CardHero filled two big gaps in the market. First integrating corporate payments and second reconciling transactions and disbursing required funds.
He also said he was confident of success in light of the broader market and his company’s track record.
“Demand for corporate virtual and physical card payments are expected to continue to rise in tandem with consumer payments,” Bond said.
“Our experience and position as a preferred supplier within the government and large corporate space has ensured we are well placed to deliver the CardHero platform and capture the growth opportunity.”
This was the second consecutive day of news for the company. Only yesterday it announced another six new clients came on board – all of them federal government entities including the Australian Building & Construction Commission & Fair Work Ombudsman.
The company told shareholders combined total contract value of these was $697,000.
8common shares have had a volatile 2020 but rose 33 per cent this morning. They are currently up over 20 per cent this year.