In this episode of The Connector Podcast, host Koen Vanderhoydonk interviews Arturs, founder of Bonuscard (also called Bonusukarte), a fintech solution that provides employer‑funded bonus, meal and benefit cards. Arturs explains that the idea originated 14 years ago and shifted focus to a bonus card product about five years ago after 23 years in the financial sector, recognizing a gap in tools that serve HR, CFOs and employees. The card offers tax‑advantaged spending on catering and healthcare in Latvia (up to €40 per month per employee) through technical transaction‑category filtering, simplifying accounting and receipt requirements. Unlike traditional domestic meal vouchers, Bonuscard works internationally, allowing employees to use it as a “vacation card” for purchases abroad while still complying with Latvian tax rules. The company has been operating for two years, with rapid growth: cards increased from ~1,000 in August to 3,500, projected 7,000 by January, and a goal of 1 million cards by the end of 2027. Arturs is seeking a seed round of $400 k, valuing the company at €10‑14 million for the next 18 months, and invites contacts in other countries to help with expansion. The conversation ends with thanks and a call to stay tuned for more fintech news.
Chapters
Welcome to the Connector Podcast, an ongoing conversation connecting fintechs, banks, and regulators worldwide. Join CEO and founder Koen Vanderhoydonk as you learn more about the latest available trends and solutions in the markets.
Welcome everyone, and, uh, we're back for another episode of our podcast, and still streaming out of Latvia. And now I have a different guest in front of me. He was also pitching today. Arturs, you are part of the contest. So can you tell me a bit about yourself, about your company, and what we're doing here?
Yes, my name is Arturs, and the company Bonuscard was just an idea of mine. And actually, I would say idea came about 14 years ago.
Wow, so long back.
But it was just the first seed of how it grown up because at the beginning it was one type of business, but further on it developed and about 5 years ago it started to focus on the bonus card. And the bonus card as an instrument, because I've been in financial sector for 23 years. I have had very, very many meetings with HR managers, with CFOs of companies, etc. And I just felt that there is something missing. And there is one difficulty. And as I have been myself a few years budgeting for next year as HR part, and I've been contacting with CFOs and getting the clients and so on and so forth, I just felt that there is something what should help both and make both parties happy, including HRs and CFOs. And here we go. bonus cards is—
But are you not forgetting the employees?
Of course, employees as well, because employees is actually— thank you, but employees are the most important part of all this story because everything is about employees, because all these discussions are about employees. And this is actually one of also focuses in our product. Because we have made it too easy to use for everyone, including employees. Because when I was developing the product, I just did it as I would use it myself, as if I would like it or not.
And what would you say that your product does? You were on stage and you showed us all a black credit card.
Yes, it's black.
So what does it do? What makes it so special?
Not the color makes it special. The technical filtering, what we do, makes it special because, for example, in Latvia, there are tax benefits for catering and healthcare expenses. The amount is not so big, like those are €40 per month.
And that's an amount that has been granted by the employer to the employee?
And tax not applicable. And those are €40 per month or €2 per working day. But still, if we count for 50, 100, 250 employee companies, this is very, very big money because euro plus euro is 2 and so on. And here we are talking about savings of, I don't know, 400 people company in Latvia. Those are still €30,000 tax advantages. According to the law, very transparent and simple.
I come from Belgium and we also have the notion of meal vouchers. So we also get that paid by our employer and there's obviously tax advantages for both sides because you get a nice net outcome due to the meal vouchers. So we're pretty much used to that, but then we have cards which we can only use in Belgium. And I think that for me was really speaking. It's like, wow, yeah, you can have like a normal bank card almost, but suddenly the bank card has 2 different meanings. It has the— there is a monthly income on that and you can use it internationally. So that's, that's something I really liked. I did get that right.
No, absolutely. And, uh, and actually, uh, speaking about, uh, Belgium, Not only Belgium, but many countries in Europe are having these meal vouchers. And especially, for example, in Italy, paper meal vouchers are for €4 per month. Electronic ones are for €8 per month, meaning that there's even difference how you use it.
Really?
Yes. But another interesting story is like one part of how idea about the bonus cards came to my mind. I'm quite often in UK. Well, just due to different reasons, but the fact is that in very many cafeterias, bars, etc., etc., there is sign LV, what means like Latvia by country abbreviation, because LT is Lithuania, LV Latvia, EST Estonia, but LV is for Latvia. And this is a funny thing to see LV on each and every second window. But actually, this is, of course, for lounge vouchers. And as you are saying, the same Belgium or many other countries, what I have realized is that these vouchers can, or cards, whatever they can use, they can be used only domestically. And this is what we want to bring into the market because our companies in Latvia who are using bonus cards for their employees are more and more reputable, recognizable employers. And for example, one of them is giving bonus cards at the Christmas time as a gift for the next year. And they are depositing €480 already on January. And therefore, the employees of these companies are calling this as a vacation card because they go with this vacation card to have a perfect Mediterranean Sea lunch in Italy or in Spain or whatever other country because wherever you go, you just pay. And as far as I know and as far as I have seen, there have been made also payments in Australia, America and some other far countries because it works all around.
So would you say that in your offering, one thing is the uniqueness that you can use it everywhere in the world, but it's the fact that you can identify what type of things that are bought with the card, that's the second part of the uniqueness of your product. Is that correct?
Yes, absolutely. And why is the reason is simple because of accountancy purposes. Because according to law of Latvia, if you are having any expenses as whatever employee buys funds which are given by employer, you shall have to take receipt on your name and on your personal code. What is in Latvia, okay, fine, we can ask and you will get it, but as soon as you are outside of Latvia, Like, you can forget to get such a receipt in any other country, in cafeteria, for example. And that's why this, I would call it, you are limited, but at the same time free to go, as the cards are working only at the category of places which are Tax not applicable, for example, for Latvia. And the same about Belgium, Italy, Germany, wherever you name it.
How does your growth path look like? What have you already established and what are the next plans for the next 2-3 years?
We are established, we are working in the market about 2 years. The last 12 months were like rapid increase. Our number of cards have tripled from 1,000, actually more than tripled from 1,000 last August to 3,500 today. Well, actually not today, but August. And we do know now that from the 1st of January, the cards will be about 7,000, meaning that they will double in next 3 months. And this is exponential growth. And really thanks to the easiness of the product to be used. But of course, Latvia is quite small market and we're not willing to stop here. And my very big dream is to reach 1 million cards in 4-year time by the end of 2027.
That's your big hairy goal.
Yes.
Well, we're almost at the end of our conversation. And I was wondering, how can people help you on that journey? How can people be part of it?
Okay. Very simple. We are looking for the first round. The first seed round is $400,000 investment. The valuation is, and actually, of course, not on On a basis of million cards, but much smaller amount. But for the next 18 months, the valuation is to reach 10, actually 11, 14 million euros. So 400,000 versus 14 million euros, it's peanuts. But of course, we're looking for bigger expansion and for the bigger funds. And to answer the question how you can help or how other people can help, like each very good contact in each country, the same Belgium, might help because we even do not know ourselves what we can help with sometimes other people.
Understood. All right, Arturs, many thanks for joining me in this podcast.
Thank you.
Thank you also.
And I, and I think this, uh, this meeting has a purpose.
Uh, everything has a purpose.
Everything, everything has a purpose.
Thank you very much again. Also, thank you very much to the audience, and stay tuned for more fintech news. Yeah, thank you very much.
Thank you. See you in Belgium.
Bye-bye.
Bye. Thanks for listening to another episode of the Connector Podcast. To connect and keep up to date with all the latest Head over to www.jointheconnector.com or hit subscribe via your podcast streaming platform.
