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Enfuce and SEB Embedded partner on next-gen card programs

By Gloria Methri

June 06, 2023

  • Banking-as-a-Service
  • Card Issuing
  • Enfuce
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Enfuce, SEB Embedded, Card Issuing, Payment Processing, Finland, FinTechCard issuing and processing pioneer Enfuce has teamed up with Swedish Banking-as-a-Service disruptor SEB Embedded to launch next-generation virtual and physical card programs for SEB Embedded’s customers.

Established in January 2023, SEB Embedded has a full banking license and a modern banking technology platform with a mission to bring banking to where it is needed. By selecting Enfuce, SEB Embedded will be able to strengthen its existing BaaS capabilities with card services that offer full regulatory compliance and smooth onboarding.

Enfuce’s customisable tech stack and easily integrated APIs will be made available through SEB Embedded’s platform. Through Enfuce, SEB Embedded will be able to offer a range of value-added services including its exchange rate API, authorisation controls, and the ability for users to set and view PINs.

Christoffer Malmer, CEO of SEB Embedded, said, “SEB Embedded was looking for a provider to help us get new products to market quickly and efficiently, including the extension of Card as a Service within BaaS. We are confident that Enfuce will be a strong long-term partner in our quest to become the first choice for Banking as a Service in Europe. Together with Enfuce, SEB Embedded can take a completely fresh approach to delivering financial services to new customer segments and markets.”

Denise Johansson, Co-Founder and Co-CEO of Enfuce said.: “This partnership is a game-changer for banks and non-financial companies in Sweden. Offering card solutions traditionally required major investment, rigorous regulatory obligations, and dependence on slow-moving core legacy systems. With SEB Embedded and Enfuce, clients have a unique opportunity to offer financial services without crossing the line of becoming a bank. We take care of BINs, licenses, products, and compliance so that clients can focus on their customers.”

“With the backing and resources of a trusted global bank, and Enfuce’s agile technology and compliance expertise, clients can quickly offer bank-style services and launch multiple products through the cloud for greater speed to market and at a lower cost.”

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