Best Virtual Cards in Finland for SMBs

Over the past few years, Finnish small and medium businesses have steadily adopted virtual cards in their processes. Only in 2024, Finland’s card payment market was worth $76.07 billion and is expected to grow by more than 4% each year from 2025 to 2033.

Traditional banks offer basic business cards, but fintech companies provide much better features, such as more flexibility, better spending controls, and automation features that businesses need. The only issue is that the number of providers also continues growing, and finding that one perfect option might take a lot of time.

In this guide, we will compare the top 5 virtual card providers for Finnish small and medium businesses: Wallester, Spendbase, Pleo, Wise, and Revolut. By the end of it, you will know the criteria to use to choose the virtual banking provider, why we selected these tools specifically, and you will be provided with a short implementation roadmap that you can use.

Finland’s virtual‑banking landscape

Finland’s digital payment system provides a good foundation for virtual card use. The rules and local market, however, create special rules and conditions for virtual banking providers that SMEs should consider when choosing their next financial tool.

Regulatory foundations

There are several regulatory foundations Finnish SMEs need to be aware of when selecting virtual card providers.

PSD2 and EMD27

PSD2 and EMD2 rules enforced by FIN-FSA help to keep safety and compliance in terms of financial transactions. The Finnish Financial Supervisory Authority’s Rules 4/2023 on customer checks started on 1 March 2024. These rules create new requirements for financial companies. All virtual card companies must follow GDPR, AML (Anti-Money Laundering), and open banking rules.

Strong Customer Authentication (SCA)

Strong Customer Authentication (SCA) is required under EU rules. This means you need two-factor verification for payments over €30. This includes:

• Something you know (password).
• Something you are (fingerprint or face scan).
• Something you have (mobile phone).

Finnish businesses benefit from these strict security standards that protect against fraud and unauthorized payments.

Electronic Money Institutions (EMIs)

Electronic Money Institutions (EMIs) provide most virtual card services. Finland’s fintech sector includes around 210 companies. Finnish fintech companies made €2 billion in 2023, up from €1.5 billion the previous year. Many virtual card providers work under EMI licenses, which allow them to issue electronic money and provide payment services across the EU.

Local IBAN nuances

Most fintech providers offer EU IBANs rather than Finnish (FI) IBANs. Common alternatives you can try are Lithuanian (LT), Danish (DK), Estonian (EE), or German (DE) IBANs. While these work perfectly for SEPA transfers across Europe, they create some practical limitations for Finnish businesses.

EU IBANs work well for:

• International supplier payments.
• SaaS and software subscriptions.
• Online purchases and services.
• Modern businesses are comfortable with European banking.

Finnish IBANs may be better for:

• VAT payments to Finnish tax authorities.
• Payroll processing through traditional Finnish systems.
• TUPAS-linked connections with government services.
• Business relationships with traditional Finnish companies.

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SMB selection criteria

Before selecting the next virtual card provider, it is important to understand what criteria are there. This way, you can filter the huge number of tools and find the one that will suit you best, not just in terms of business preferences but also local regulations. Here are some you can consider.

Onboarding & KYC

First is the speed of the onboarding. This speed often varies between different providers. For example, fintech platforms typically complete account opening within 1-3 business days, while with traditional banks it can take between 1 and 2 weeks.

Finnish-speaking customer support is also very important in case you face complex issues, regulatory questions, and staff training. Some providers offer comprehensive Finnish support, while others operate primarily in English with limited local assistance.

Digital-first KYC also helps to speed up the whole onboarding process. The best providers use automated identity verification, video calls for document verification, and real-time compliance checks to minimize manual intervention and reduce waiting times.

Card controls

Modern virtual card platforms offer detailed control options including:

• Individual spending limits per card or employee.
• Merchant category restrictions (blocking gambling, entertainment).
• Geographic restrictions for international purchases.
• Time-based limits for temporary projects.
• Recurring payment management for subscriptions.

Administrators can instantly disable cards for lost devices, suspicious activity, or policy violations. Some platforms also offer automatic freezing based on unusual spending patterns or failed transactions.

Pricing transparency

Three main pricing models serve different business needs:

• Subscription-based pricing. It offers predictable monthly costs with included features. Pleo uses this model with plans ranging from free starter options to premium enterprise packages.
• Pay-per-use pricing. It charges based on actual transaction volume and card usage. Wise Business follows this approach with transparent per-transaction fees and no monthly minimums.
• Revenue-share models. It ties costs to achieved savings or business value. Spendbase charges 25% of realized savings, aligning provider incentives with customer outcomes.

Integration with business tools

Accounting software integration helps to reduce manual data entry. The three major Finnish accounting platforms have specific requirements:

• Netvisor. RESTful API with XML data format.
• Procountor. Real-time API connections with SEPA payment initiation.
• Talenom. Open Banking PSD2 APIs through certified integrations.

Advanced platforms connect with SAP, Oracle, and Microsoft Dynamics, and in this way, offer a smooth purchase-to-pay workflow. This integration can automatically create expense reports, updates budgets, and generates compliance documentation.

Expense reporting automation saves administrative time. Features include:

• Automated receipt capture through mobile apps.
• Intelligent expense categorization using AI.
• Approval workflows that route expenses based on amount thresholds and organizational hierarchies.

Local support & language

Response times and availability also affect business operations. Some of the top providers offer the following benefits here:

• Phone support under 2 minutes during business hours.
• Live chat within 30 seconds.
• 90% first-contact resolution rates.
• Emergency support for card blocking and fraud issues available 24/7.

Finnish-language support also matters. Business account terms must be available in Finnish, while customer support should include representatives familiar with local business practices and tax requirements.

5 top virtual‑card providers

Each provider that we will describe below offers different strengths for different business needs. So, it is good to understand their specific features, pricing, and target markets to make sure your final decision is well-researched.

Wallester

Wallester specializes in API-first virtual card solutions for developers and fintech platforms. Founded in 2018 and licensed as an EMI in Estonia, Wallester provides payment solutions that businesses can add to their own platforms and workflows.

Key features

• 300 free Visa virtual cards in the basic plan.
• Complete REST API for custom connections.
• Multi-currency support including EUR, USD, and GBP.
• Real-time spending controls and transaction monitoring.
• White-label card design and branding options.
• Advanced fraud prevention tools with machine learning.

Best for

Developer-led organizations, fintech platforms, and businesses that need custom payment solutions. Companies with technical resources can use Wallester’s API to build sophisticated expense management workflows.

Pricing

Free plan includes 300 virtual cards, paid plans offer up to 3,000 virtual cards for €199/month and 15,000 virtual cards for €999/month. Usage-based pricing provides cost efficiency for businesses with variable card needs.

Spendbase

Spendbase combines virtual cards with complete spend management and SaaS optimization. The platform targets businesses heavy on software subscriptions and online services, offering unique vendor negotiation services alongside traditional payment features.

Key features

• Mastercard virtual cards with individual budgets.
• Per-department spending controls and approval workflows.
• Automated SaaS tracking and subscription management.
• Vendor negotiation services for cost reduction.
• ERP integration with major business software platforms.
• Detailed reporting and spend analytics.
• Cashback programs for qualifying purchases.

Best for

SaaS-heavy teams, businesses seeking cost optimization, and companies with significant software and subscription expenses. Particularly valuable for businesses wanting professional vendor negotiation services.

Pricing

25% of realized savings rather than fixed monthly fees. This performance-based model aligns provider incentives with customer cost reduction goals, typically delivering 4x value compared to fees paid.

Pleo

Pleo focuses on employee expense management with smart cards and approval workflows. The Danish company has built a user-friendly platform that makes business spending simple for teams while providing complete financial controls for management.

Key features

• Smart corporate cards with built-in spending policies.
• Automated expense reporting and receipt capture.
• Multi-level approval workflows for large purchases.
• Employee reimbursement processing.
• Integration with major accounting platforms.
• Real-time spending notifications and alerts.
• Mobile-first user experience with easy interfaces.

Best for

Small and medium businesses managing employee and team expenses, companies that need user-friendly interfaces, and businesses that want complete expense management without technical complexity.

Pricing

Free “Starter plan” for up to three users, “Essential plan” at £39/month, and “Advanced plan” at £89/month, all billed annually. Simple pricing structure makes budgeting easy for growing teams.

Wise Business

Wise Business specializes in international payments and multi-currency management. Originally known as TransferWise, the platform excels at foreign exchange transparency and cross-border transactions for businesses with global operations.

Key features

• Virtual cards in EUR, GBP, and USD currencies.
• Real mid-market exchange rates with transparent fees.
• Batch payment processing for multiple suppliers.
• Local account details in major global markets.
• Simple invoice and payment management.
• API integration for automated workflows.
• Multi-currency balance management.

Best for

Cross-border B2B transactions, freelancers with international clients, remote teams, and businesses needing transparent foreign exchange rates.

Pricing

Pay-per-use model with transparent transaction fees. Pricing depends on usage and features, typically ranging from 0.33% to 2% for currency conversion plus small fixed fees for transfers.

Revolut Business

Revolut Business offers complete digital banking with instant card issuance. The platform combines multi-currency accounts, virtual cards, and business banking features in a single solution that targets startups and scale-ups with international operations.

Key features

• Instant virtual and physical card issuance.
• Multi-currency wallets with competitive exchange rates.
• Advanced budgeting and spending analytics.
• API access for custom integrations.
• Cryptocurrency support for digital asset payments.
• Team management with role-based permissions.
• Integration with accounting and business software.

Best for

Startups and scale-ups with international vendors, businesses needing fast setup, and companies needing complete digital banking alongside virtual cards.

Pricing

Tiered subscription model starting with free basic accounts. Premium plans range from €25-€100 monthly, depending on features and usage requirements. Various pricing tiers accommodate different business sizes and needs.

Side‑by‑side comparison table

Now that we discussed each option in detail, let’s make a quick recap and take a look at them in the form of a comparison table. We included all essential features like API integration, fees, virtual card controls, and several more.

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How to choose the right fit

Matching virtual card providers to specific business needs means better overall company functionality. Consider these use case recommendations when evaluating options:

Additional thinks you may consider in your decision-making process:

• Team size and growth plans. Per-user pricing vs. usage-based models.
• Technical resources. API-first solutions vs. ready-made integrations.
• International operations. FX frequency and currency requirements.
• Compliance needs. Industry-specific regulations and audit requirements.
• Budget constraints. Total cost of ownership, such as hidden fees.

Implementation roadmap

Successful virtual card implementation means you need to have careful planning and a gradual rollout. This way, you can reduce the number of potential mistakes and make the overall adoption process easier and faster.

Phase 1: Pilot test (weeks 1-2)

Start with one team to test functionality and find potential issues. Choose a low-risk department like marketing rather than critical financial processes. Then, select 3-5 team members for initial testing, provide basic training on card usage, security, and expense reporting.

It is also important to define success metrics at this stage. You can include the following:

• Average time for expense reporting and approval.
• Percentage of policy violations and resolution times.
• Cost savings compared to previous payment methods.
• User satisfaction scores and adoption rates.
• Integration accuracy and data quality.

Phase 2: Set up controls (weeks 3-4)

Set per-card budgets and role-based access according to company hierarchy and spending policies. Configure merchant restrictions, geographic limits, and approval thresholds.

Then, create clear guidelines for card usage, expense reporting, and approval processes. You can also set up automated notifications for spending thresholds and policy violations.

Phase 3: Integration setup (weeks 5-6)

AT this stage, connect with accounting tools and start with basic transaction imports. Make sure to test data accuracy before relying on automated processes.

Then, set up approval workflows that route expenses based on amount and organizational structure. Create reporting dashboards that provide real-time visibility into spending patterns and budget use.

Phase 4: Training and rollout (weeks 7-8)

It is also important to train staff on virtual card policies and fraud prevention through comprehensive sessions. What you can do here:

• Create documentation for common tasks.
• Conduct security awareness training emphasizing protecting card details and recognizing fraud attempts.
• Roll out gradually by department, allowing time for adjustment and feedback.

Phase 5: Monitor and optimize (ongoing)

Now, it is time to review performance monthly. Analyzing savings, card usage patterns, and team feedback. Track key performance indicators such as:

• Average time for expense reporting and approval.
• Percentage of policy violations and resolution times.
• Cost savings compared to previous payment methods.
• User satisfaction scores and adoption rates.
• Integration accuracy and data quality.

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Takeaway

Virtual cards give Finnish small and medium businesses better flexibility, control, and insights than traditional bank cards. The five providers analyzed, Wallester, Spendbase, Pleo, Wise, and Revolut, each offer different advantages for different business needs.

1. Wallester and Spendbase bring programmable power for businesses seeking custom solutions and cost savings through API-first approaches and automated workflows.
2. Pleo and Wise focus on easy use and clear costs, making virtual cards accessible to businesses without technical resources through user-friendly interfaces.
3. Revolut provides complete digital banking alongside virtual cards, appealing to businesses seeking all-in-one financial solutions with fast setup.
4. Success depends on matching provider strengths to your specific business needs including technical capabilities, international payments, software integrations, and budget.
5. Implementation success requires careful planning and gradual rollout starting with pilot programs, clear policies, and comprehensive training.

Finnish small and medium businesses that adopt virtual cards strategically can achieve significant cost savings, better financial visibility, and improved operational efficiency compared to traditional payment methods.