International business software provider Odoo is launching an expense management card solution powered by Stripe and Mastercard to serve its 15 million users across 175+ countries. The product was presented in a product webinar on YouTube in June, and the Odoo CEO Fabien Punckaers shared a photo of one of the first cards on LinkedIn this week - that’s where I spotted the product launch.
About Odoo: From Open-Source to €5 Billion All-in-One Platform
Odoo began as a pure open-source provider of business software in 2005 and has evolved into an all-in-one software solution provider. It targets businesses worldwide with various software solutions, including CRM, project management, invoicing, website creation, and more. The selling proposition is that companies should not spend hours searching for a suitable provider for each specific task, but instead use a single provider, Odoo, especially when tools need to be connected and data needs to be transferred.
As of November 2024, Odoo is valued at €5 billion, has 15 million users and employs over 6,000 people. Their software is used in over 175 countries, with the main markets including the US, India, China, Germany, and the Netherlands.
Odoo Card Features: Physical, Virtual, and Mobile Wallet Integration
The card offering itself is not unique, as we have seen many companies in this space launch similar card offerings. According to the YouTube video, Odoo cards are available as physical and virtual cards, including the possibility to add the Odoo cards to a mobile wallet. Customers can add spending limits, merchant categories and other real-time control features. Crucially, the data and card functionality will be integrated into the relevant Odoo services, such as expenses and accounting.
Why This Launch Matters: International Scale Sets Odoo Apart
What makes this announcement unique is the international scale of Odoo. There are already international companies with a global presence that offer Embedded Finance products in different continents; however, the cases involving card issuance are limited. This international scale of Odoo also likely put Stripe into the perfect spot as the issuing partner. Realistically, this likely came down to a comparison between Adyen and Stripe, with the US company ultimately winning the deal.
In the YouTube video, it is mentioned that the Odoo cards will be first launched in Europe, and the US will follow later. Odoo is likely keen to roll out the card in as many countries as possible, but can only do so in the countries where Stripe Issuing is available.
I find Odoo a fascinating company and Fabien Pinckaers are an outstanding CEO. If you want to learn more about the company, I highly suggest listening to his podcast interview on 20VC from February 2025.
