Cardboard

What Cardboard does

Cardboard AS is an Oslo-headquartered Norwegian SaaS spend management platform founded in 2023 that targets startups, scaleups, and SMEs in the Nordics and broader Europe. Its core product consolidates SaaS subscription tracking, virtual payment cards issued through Adyen (one card per subscription with budget controls and company-level ownership), and an automated receipt collection system that uses dedicated email inboxes and AI-driven document understanding to match incoming invoices to payments. The platform covers more than 3,500 SaaS services in its catalog, integrates natively with 15+ accounting systems (including Fiken, Xero, Tripletex, PowerOffice, Visma eAccounting, and Fortnox), and is augmented by Cardboard Pulse, an opt-in browser extension that reports seat-paid versus seat-used data to surface overspend and unused licenses.

The company sells through a hybrid go-to-market model combining self-serve freemium sign-up, direct enterprise field sales with demo booking, and an accounting partner channel in which bookkeepers and accountants resell Cardboard into their client base. Pricing is subscription-based, with public tier detail undisclosed and platform fees indexed to the Norwegian consumer price index. Cardboard is GDPR-compliant as a data processor under Article 28 and has adopted a DORA-aligned operational resilience framework for EU financial-entity customers.

By late 2025 the company had raised approximately €2.5M across an initial 2023 seed (~€600K including an Innovation Norway grant and angel investors) and an August 2024 seed of €1.9M led by Skyfall Ventures with RunwayFBU and Sondo Capital. The team comprises roughly ten builders led by CEO Ole Daniel Nitter (appointed June 2025, previously BCG and Rocket Internet/Zalora), with co-founders Lars Syse Christiansen (Chair), Andreas Røyrvik (CPO), Jakob Gerhard Martinussen (CTO), Stein Magnus Jodal (COO), and Vidhi Kumar (CGO). The platform reports 100,000+ receipts captured yearly, €30M+ in annual transaction volume, and 3x customer growth alongside 2x pipeline growth in 2025, with active go-to-market expansion into Sweden and the UK.

Name

Cardboard

Legal name

Cardboard AS

Website

https://cardboard.inc

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

1–10 employees

Short description

Cardboard is a Norwegian SaaS spend management platform that gives startups and SMEs virtual subscription cards, AI-matched automated receipt collection, and seat-usage analytics, distributed via self-serve, direct sales, and accounting partner channels across the Nordics and broader Europe.

Ownership category

akta.pro rank

Product category

SaaS Spend Management

akta.pro primary industry

BNPL Consumer Apps & Wallets (Discovery, Management) (FSAGAIAG)

akta.pro secondary industry

Embedded Wallets (Platforms & Marketplaces) (FSAMAEAM)

Keywords

• SaaS spend management
• Subscription management
• Virtual payment cards
• Receipt automation
• Expense tracking

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations

Revenue model

1. SaaS Subscription Management Platform: Subscription-based SaaS spend management platform providing virtual cards, receipt automation, and spend insights for businesses. Fees are based on subscription plans and usage metrics as described in the Terms of Service. Platform fees may be adjusted annually based on Norwegian consumer price index.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Cardboard is a SaaS spend management platform that helps businesses organize, pay for, and control software subscriptions from one place. It issues unique virtual payment cards per subscription through Adyen, automates receipt collection and AI-driven matching for bookkeeping, and provides AI-powered insights into SaaS spend, seat utilization, and budget compliance across teams.

Product overview

Cardboard is a unified SaaS spend management platform designed for founders, CFOs, CTOs, and finance teams. The core platform combines subscription tracking (3,500+ services catalog), virtual payment cards issued via Adyen, automated receipt collection with AI-driven matching, and AI-powered spend insights. Key modules include Cardboard Pulse (usage analytics browser extension showing seats paid vs. used), the Automated Receipt Collection system (AI-powered receipt matching via dedicated emails), and Subscription Insights (real-time spend tracking with team breakdowns and budget alerts). The MCP module enables AI document processing. All subscriptions can be exported to accounting software including Fiken, Xero, Tripletex, PowerOffice, and others.

Differentiator

Problem solved

Functional benefit

Products and services

• Cardboard Platform Unified SaaS spend management platform that organizes, pays for, and controls business software subscriptions. Includes subscription tracking across a 3,500+ service catalog, virtual card payments, AI-powered spend insights, and exports to 15+ accounting systems. Targeted at founders, CFOs, CTOs, and finance teams at SaaS-heavy companies.
• Virtual Payment Cards Virtual payment cards issued via Adyen for secure SaaS subscription purchases. Each subscription is assigned a unique virtual card with access controls, budget limits, and company-level ownership independent of employee status. Cards can be suspended individually without affecting other subscriptions.
• Cardboard Pulse Optional browser extension providing subscription usage insights. Tracks whether configured SaaS services were accessed on given days, showing seats paid vs. seats actually used to detect overspend and unused licenses. Privacy-first design with local data processing and no employee surveillance.
• Automated Receipt Collection Automated receipt collection and AI-driven matching system. Uses Cardboard's dedicated email addresses to capture receipts from subscription vendors (including Google, Facebook, and LinkedIn) and matches them to payment transactions using AI document understanding.
• MCP (Model Context Protocol) Model Context Protocol integration enabling AI-powered document understanding and data extraction for receipt processing and subscription management automation.

Quantifiable outcome

• 100,000+ receipts captured yearly
• +5 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration17 records

AI capability5 records

Feature6 records

Partnerships

18 partnerships are on record, tiered core, supporting and channel.

• AdyencoreTechnology or IntegrationCard issuing partner providing virtual payment card infrastructure. Adyen is a leading global payment service provider. Cardboard serves as the Card Program Provider in Adyen's Account Holder Terms. Card transactions rely on Adyen for day-to-day operations.
• Google Cloud PlatformcoreTechnology or IntegrationInfrastructure, hosting, and AI/ML services provider. All Cardboard services run on GCP known for high-security standards.
• AnthropicsupportingTechnology or IntegrationAI-powered document understanding and data extraction for processing collected emails and uploaded documents.
• OpenAIsupportingTechnology or IntegrationAI-powered document understanding and data extraction service used alongside Anthropic.
• ActiveCampaign (Postmark)supportingTechnology or IntegrationPersonal data processing for collected emails and system notifications. Receipt processing and notification delivery.
• Google WorkspacesupportingTechnology or IntegrationCommunications and office suite services for internal operations.
• HubSpotsupportingTechnology or IntegrationCRM and customer support platform for managing customer relationships.
• PostHogsupportingTechnology or IntegrationProduct insights and analytics platform for tracking system events.
• SentrysupportingTechnology or IntegrationOperational monitoring and error tracking for system reliability.
• XerocoreTechnology or IntegrationAccounting software integration partner. Cardboard exports financial data compatible with Xero's accounting system.
• TripletexcoreTechnology or IntegrationNorwegian accounting software integration partner with seamless data export capabilities.
• PowerOfficecoreTechnology or IntegrationNorwegian accounting software integration partner for automated bookkeeping exports.
• FikencoreTechnology or IntegrationNorwegian accounting software integration partner enabling receipt and transaction exports.
• 24SevenOfficesupportingTechnology or IntegrationNorwegian accounting software integration for automated financial data exports.
• Visma eAccountingcoreTechnology or IntegrationEuropean accounting software integration partner for seamless bookkeeping exports.
• Azets CompletechannelChannel Partner/ Reseller/ DistributorAccounting firm partner that can offer Cardboard to their client base for SaaS management.
• DNB RegnskapchannelChannel Partner/ Reseller/ DistributorNorwegian accounting firm partner offering Cardboard to their SME client base.
• FortnoxsupportingTechnology or IntegrationSwedish accounting software integration partner for financial data exports.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Pleo: Danish corporate cards and expense management platform. Cardboard explicitly positions against Pleo as a generalist, arguing that one-card-per-subscription beats Pleo's blended employee card model. Same European SMB target segment and same virtual-card-based payment mechanic.
• Spendesk: European spend management platform combining corporate cards, subscription tracking, and accounts payable automation. Directly competes for the same SaaS-spend and subscription-management use case across European SMBs and mid-market.
• Payhawk: European corporate cards, expense management, and AP automation platform serving SMBs and mid-market. Overlaps with Cardboard in virtual-card-driven software spend management and integrated expense workflows.
• Zylo: SaaS management platform focused on software license optimization, renewal tracking, and spend visibility. Direct peer to Cardboard on the SaaS spend optimization use case, though with less emphasis on payment/virtual-card issuance.

Broad incumbents

• Ramp: US-based corporate cards and spend management platform with AI-driven cost optimization. Larger, broader incumbent that competes on software-spend visibility though operates at much greater scale and primarily in the US market.
• Brex: Global corporate cards and spend platform serving startups through enterprise. Broader incumbent offering cards, expense management, and bill pay; overlapping with Cardboard on software-spend visibility for venture-backed companies.
• Airbase: Spend management platform combining corporate cards, AP automation, and SaaS spend controls. Comparable SaaS-spend subscription management functionality with broader AP automation portfolio.
• Navan: Corporate travel, expense, and cards platform (formerly TripActions). Broad incumbent that overlaps with Cardboard on virtual-card-based software and subscription spend management for mid-market and enterprise.
• BILL (Bill.com): Public spend management, AP automation, and corporate cards platform. Adjacent comparable providing integrated spend and bill pay workflows for SMBs and mid-market.

Emerging players

• Mesh (meshpayments): AI-powered spend management platform offering virtual cards and AI-driven expense categorization. Earlier-stage player with similar SaaS/spend overlap and AI-first positioning.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• GitHubgithub.com/crdbrd
• YouTubeyoutube.com/@CardboardSaaS
• LinkedInlinkedin.com/company/crdbrd

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds1 record

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cardboard