Kvika Bank will use advanced cloud-based modular payment solutions from Enfuce, to offer modern card and mobile payment solutions and transform financial services, and disrupt the payments landscape in Iceland
Kvika Bank to boost payment services in Iceland. (Credit: Patrick Tomasso on Unsplash)
Iceland-based Kvika Bank has selected Finnish card issuing company Enfuce, to launch a Visa consumer credit card, integrate with Apple Pay and Google Pay, and relaunch Aur app.
Established in 2002, Kvika Bank acquired Iceland-based fintech company Aur in 2021, to offer mobile payments, consumer lending, and value-added services through Aur app.
The bank will use advanced cloud-based modular payment solutions from Enfuce, to offer modern card and mobile payment solutions and transform financial services in Iceland.
Enfuce’s CaaS platform will help Kvika Bank disrupt the payments landscape in Iceland, strengthen its existing card and payment capabilities, and provide customisable payment solutions.
Kvika Bank and Enfuce will jointly work to incentivise more cardholder usage, by altering the app with compelling features and benefits to customers.
In addition, the bank will roll-out a Visa-branded consumer credit card, with Enfuce providing CaaS and BIN sponsorship through ELS, which is a principal member of Visa.
Kvika Bank fintech finance head Sverrir Hreidarsson comments: “Kvika is in a unique position to disrupt Icelandic banking, with a very strong user base and market presence. It was vital for us to work with a strong technical partner to make our ambitions a reality.
“Finding this partner in Enfuce has made it possible for us to launch the first ever hybrid Visa card, which combines a debit and credit product on the same digital card, available on Apple Pay and Google Pay.”
Established in 2016 in Finland, Enfuce is the trusted partner for issuer processor solutions for more than 35 core clients.
Its key services include expense management, neobanks and fuel retailers, along with providing corporate and consumer payment programmes and advanced spending controls.
The current partnership builds on Enfuce’s rapid growth following its €45m in Series C funding, secured from global investment firm Vitruvian Partners.
Enfuce currently processes nearly €2bn transactions per annum, for more than 16 million active debit, credit, and prepaid card users on its platform.
Enfuce co-founder and co-CEO Monika Liikamaa said: “With this partnership, Enfuce and Kvika Bank are transforming financial services in Iceland, delivering them with speed, security and style, which is exactly what Enfuce is all about.
“Alongside the launch of the Visa consumer credit card, the Aur app currently has over 100,000 users in Iceland, and is a vital component in Kvika’s commitment to modernise financial services.
“Together with Enfuce, Kvika Bank will now be able to provide compelling and enjoyable payment experiences, and make everyday life flow for its customers with our innovative modular propositions.”