Entering the stratosphere today is the Way 2 Vat Ltd (ASX: W2V) share price.
The leading global VAT refunds company delivered a positive announcement on the ASX this morning, exciting investors.
At the time of writing, Way 2 Vat's shares are up a massive 184.09% to 12.5 cents.
Way 2 Vat launches world-first smart spend debit Mastercard
Prior to the market opening this morning, the company advised it had launched the world's first smart spend debit Mastercard.
According to its release, Way 2 Vat has teamed up with Railsbank to bring a product to the market that simplifies payments and eliminates complex administrative tasks.
Catered towards the small-to-medium business and enterprise market, the card fully automates VAT/GST returns from end-to-end.
As such, companies can now submit spend receipts and capture invoices through Way 2 VAT's technology platform.
Once an employee spends their allocated amounts, the VAT/GST is automatically submitted with all relevant administration completed.
Way 2 Vat explained that "new technology automatically analyses, reconciles, sorts and submits documentation to foreign tax authorities."
Furthermore, the card controls expenses per transaction by merchant, expense category, date, amount and frequency.
Administrators can control budgets, place spending caps and limit payments to approved vendors using Way 2 Vat's dashboard.
In the initial phase, the smart spend debit Mastercard will be launched in the United Kingdom and across Europe. This will involve introducing 5,000 cards to 150 companies that have between 100 and 2,000 employees.
Way 2 Vat will earn revenue through a software-as-a-service (SaaS) model consisting of monthly charges to card users, administration licenses and a percentage from each VAT/GST refund.
In addition, the company will look at further expanding to Australia and North America in the near future.
What did management say?
Way 2 Vat CEO and co-founder, Amos Simantov commented:
The Way2VAT Smart Spend Debit Mastercard is the first of its kind and a game-changer for finance and management teams. Many of our clients were asking for a product of this type. Our partnership with Railsbank can replace a company's expense management system with a card that simplifies payments and eliminates complex administrative tasks.
…The Smart Spend Debit Mastercard will be a key driver as it allows us to upsell to our existing SMB and enterprise clients and will drive strong sales in key markets such as the UK and Israel.
About the Way 2 Vat share price
Despite today's euphoric gains, the Way 2 Vat share price is down 20% in 2022.
The company's shares have been on a downward trend since being listed on the ASX in September last year.
Over the past 12 months, Way 2 Vat's shares are down 40%.
On valuation grounds, Way 2 Vat presides a market capitalisation of roughly $12.98 million.
