Irish fintech company, CleverCards, is closing out a €10m capital raise, which should be completed in the next month.

Once complete, the firm will begin planning for a follow-on, hoped to be in the region of €50m, to be completed in the next year.

Investors in the current round include the head of Facebook in Ireland, Gareth Lambe, the founder of Avoca Capital, Dónal Daly and Green REIT co-founder Pat Gunne.

CleverCards, founded in 2019 by Kealan Lennon, is currently pursuing an aggressive buy and build strategy for the business.

As part of this, the company has just acquired the business of ExpendiaSmart, a spending management software provider offering smart corporate cards that is a subsidiary of French payments platform Edenred.

The deal, the value of which is not being disclosed, includes the related Italian Licensed Electronic Money Institution, subject to regulatory approval.

"The CleverCards platform will empower ExpendiaSmart® customers to accelerate their digital transformation," said Mr Lennon.

"With CleverCards, businesses, governments and public sector organisations simply send a digital prepaid Mastercard to an email address or mobile phone number by SMS or WhatsApp, enabling anyone, anywhere, anytime, to be paid instantly."

CleverCards, which has developed a payments platform that allows anyone to be paid instantly without a bank account, currently works with over 5,000 businesses.

Earlier this year, it signed a partnership with Mastercard to expand the usage of digital cards across Europe.

Last September, CleverCards said it was expanding its workforce by 30.