Enfuce and Orka Ventures launch consumer lending card in the Nordics

By Gloria Methri

Issuer processing powerhouse Enfuce has teamed up with Orka Ventures, the FinTech holding company, to launch Orka Card, a new consumer lending card and mobile app that challenges Buy Now Pay Later (BNPL) lending.

Orka Ventures will leverage Enfuce’s modular processing and compliance capabilities to launch card services across its European markets. With these new capabilities, the Orka Card will enable customers to integrate their existing bank accounts into one card and app.

To challenge BNPL lending, Orka Card will also incorporate a Pay Now Finance Later (PNFL) feature, so that a customer can choose to refinance a transaction that was originally executed through other debit and credit cards. For the first time in Iceland, the Orka Card mobile app will enable open banking connections by integrating customers’ bank accounts and supporting its PNFL feature.

The company, which has been serving customers for over a decade in Iceland, has established separate brands in the Czech Republic, and Denmark. It selected Enfuce as a partner in the Nordics to support its planned growth into that region. Enfuce will also work with Orka Ventures to launch Orka Card in Finland, Sweden, and Norway.

Ondřej Šmakal, CEO of Orka Ventures, said, “We chose Enfuce because of its excellent technical expertise, supportive team, and great attitude to problem-solving. Enfuce is now a part of our team, and our developers consistently give us feedback about how easy it is to integrate with Enfuce’s platform. It was also important to us to choose a partner that is willing to support the expansion of Orka Card into the Nordic markets as well as to work with us in Iceland – this is not common as it’s a small country with complicated regulations.”

Denise Johansson, Co-Founder, and Co-CEO of Enfuce added, “The Enfuce mission is to remove the complexity of payments and provide flexible payment solutions that enable our customers to grow and provide an excellent customer experience to their end-customers. We are confident that our partnership with Orka Ventures will deliver real value to consumers in the core markets of Iceland and the Nordic regions.”