Astat selects Enfuce to power flexible SME virtual card services in Norway
February 5, 2021 4 minutes read
It is difficult for the smaller firms to access quality business banking services with an excellent customer experience (from onboarding to day-to-day operations), simple pricing model, value-added features such as budgeting, accounting, and tax reporting tools – all with 100% transparency. Seeing a clear need for such a solution, Astat has been working to build a comprehensive digital banking product suite for Norwegian SMEs since the autumn of 2020. A team of 7 hard working professionals with tech, finance & legal backgrounds are rallying behind the mission, building Norway’s next leading neobank to be launched in 2021.
As a value-adding part of their digital banking offering, Astat finds it crucial to provide flexible virtual cards to small & medium-sized companies to make business expense management as smooth as possible. The challenger bank chose to partner with the leading Nordic payment services provider Enfuce for launching their card programme. Enfuce will deliver Astat a fully turnkey card issuing service, including key enablers such as BIN sponsorship and card scheme integration as well as fraud prevention and dispute management. With the Enfuce service, Astat will be able to ramp up their card business fast and start issuing tokenized, fully virtual business cards with a smooth and secure customer experience. Designed for SMEs, the Astat cards will be configurable by the business customer, supporting instant topup and latest digital payments features such as Apple Pay & Google Pay.
Initially they will be implemented for the Norwegian currency (NOK) with the option for easy expansion to multiple geographies and currencies. While Astat is currently focusing on growth within Norway, they ultimately plan to become the number one SME banking provider in the Nordics.
“Astat is excited to collaborate with Enfuce on the launch of our prepaid business card. It is crucial for us that our partners understand and share the key values behind this product – making operational processes of a business as simple as possible.“
“With easy-to-use virtual corporate cards, we at Astat want to enable SME owners to concentrate on their most important priorities, not paperwork. Repetitive, mindless tasks should not be eating up precious business hours. If all the operational processes for SMEs are simplified, the business owners and employees can spend all their work time on value-adding tasks and maintain healthy work-life balance without unnecessary overtime,” says Axel Hunter, CEO at Astat.
“Astat and Enfuce are a natural fit – we are both ambitious Nordic fintechs with strong values and a great team driving our mission forward. We are excited to develop a world-class solution together to serve Norwegian SMEs in the best way possible. And once Astat is ready to expand beyond their home market, Enfuce will be there to support them, as well. We don’t just provide the solution, but grow together with our customer,” says Monika Liikamaa, CEO & Co-founder at Enfuce.
For more information:
Axel Hunter, CEO & Founder, Astat, +47 960 13 227, firstname.lastname@example.org
Monika Liikamaa, CEO & Co-founder, Enfuce, +358 50306 5213, email@example.com
Astat is Norway’s first truly customer-centric bank challenger. Astat has been established after a trend in the Norwegian banking market where smaller businesses and startups feel underserved by the traditional banks. Astat believes that everyday banking should be easy, seamless and integrate with our daily lives. Astat aims to give small business owners access to better familiar and automated financial tools to increase their business’s effectiveness, have time to concentrate more on what they do best and less on financial administration.