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Kvika Bank taps Enfuce to modernise payment services in Iceland

By Gloria Methri

June 09, 2023

  • Apple Pay
  • Aur App
  • Card Issuing Platform
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Enfuce, SEB Embedded, Card Issuing, Payment Processing, Finland, FinTechIceland’s Kvika Bank has selected card issuing company Enfuce to modernise its payment services, including the launch of a Visa consumer credit card, integration with Apple Pay and Google Pay, and the relaunch of the bank’s Aur app.

Powered by Enfuce’s cloud-powered payment solutions, Kvika Bank will be able to offer a range of modern card and mobile payment solutions and build upon transforming its financial services in Iceland.

Enfuce’s Card-as-a-Service (CaaS) platform will empower Kvika Bank to further strengthen its card and payment capabilities, and offer customisable modular payment solutions that are increasingly favoured by consumers.

Established in 2002 as a fully licenced bank in Iceland, Kvika Bank acquired FinTech Aur in 2021, to offer mobile payments, consumer lending, and value-added services through the Aur app. Enfuce and Kvika Bank will work together to incentivise more cardholder usage, by adding compelling features and benefits to the Aur app. At the same time, the bank will launch a Visa-branded consumer credit card, with Enfuce providing CaaS and BIN sponsorship through ELS – a principal member of Visa.

Sverrir Hreidarsson, Head of Fintech at Kvika Bank, said, “We are extremely excited to launch our new subscription-based services in partnership with Enfuce. Kvika is in a unique position to disrupt Icelandic banking, with a very strong user base and market presence. 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.”

Monika Liikamaa, Co-Founder and Co-CEO of Enfuce, said, “It is exciting to be a part of Kvika Bank’s ambitions to reshape the Icelandic financial landscape. 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.”

Denise Johansson, Co-Founder and Co-CEO of Enfuce, said, “With most of Aur customers’ daily banking and payment transactions carried out online, Enfuce will provide them with the dynamic, best-in-class, progressive payment solutions available. Enfuce exists to relieve pain from payments and make life flow more easily, and our partnership with Kvika Bank underlines the strength of our proposition and the scale of opportunities we are creating for like-minded partners.”

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