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Enfuce announces partnership with Kvika Bank at Money20/20 to transform financial services in Iceland

7 minute read

● Global issuer processor pioneer Enfuce will deliver next-generation CaaS, modular payment solutions, and a Visa consumer credit card product to Kvika Bank
● Enfuce’s award-winning cloud-powered platform, APIs, exceptional technological delivery, and collaborative approach will help Kvika Bank transform Icelandic financial services
● New partnership follows recent tie-up with SEB Embedded, and Enfuce’s brand evolution unveiled at Money20/20 in Amsterdam

Amsterdam, 8 June 2023: Card issuing and processing pioneer Enfuce has been chosen by Iceland’s Kvika Bank 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 market-leading Aur app. Powered by Enfuce’s award-winning cloud-powered modular payment solutions, Kvika Bank will be able to offer a range of modern card and mobile payment solutions, and build upon its multi-brand strategy of transforming financial services in Iceland.

With Card-as-a-Service (CaaS) gaining popularity as a way for banks and non-bank businesses to expand their customer bases and add financial services to their value propositions, Enfuce’s award-winning CaaS platform will empower Kvika Bank to grow and disrupt the Icelandic payments landscape, strengthen its existing 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 Icelandic fintech Aur in 2021, with the intention of offering mobile payments, consumer lending, and value-added services through the Aur app. With more than 30% of the Icelandic population being active users of the Aur app, Enfuce and Kvika Bank will work together to incentivise more cardholder usage, by transforming the app with compelling features and benefits that customers want to enjoy. At the same time, Kvika Bank will launch a Visa-branded consumer credit card, with Enfuce providing CaaS and BIN sponsorship for Kvika Bank through ELS, which is a principal member of Visa.

Alongside the market-leading Aur app, Kvika Bank’s other financial brands in Iceland include its BNPL solution Netgiro, car loan and fleet funding entity Lykill, insurance provider TM, savings app Audur, and acquirer Straumur, which has 25% market share in Iceland.

Sverrir Hreidarsson, Head of Fintech comments: “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. 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.” 

One of Europe’s fastest-scaling fintechs, demand for Enfuce’s award-winning modular issuer processor solutions is surging as banks, neobanks and non-financial companies embark on embedded payments-driven growth strategies, and create next-level payment experiences for their customers. With 99.999% platform availability, Enfuce’s fully compliant and customisable tech stack includes easily integrated APIs, dispute management, fraud management and value-added services including authorisation controls, and the ability for users to set and view PINs. Cards can also be integrated into users’ Apple Pay and Google Pay digital wallets.

Since its launch in 2016, Enfuce is now processing nearly €2 billion transactions annually for more than 16 million active debit, credit and prepaid card users on its platform. Led by co-founders and co-CEOs Monika Liikamaa and Denise Johansson, and with a slew of partnerships added across the government, B2B and B2C sectors over the last 12 months, Enfuce’s turnkey modular solutions, packaged BIN sponsoring, and regulatory compliance built-in are empowering visionary leaders to reimagine customer engagement with unique use cases, happier customers and stronger revenues. 

Monika Liikamaa, Co-Founder and Co-CEO of Enfuce, says: “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. 

“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. Enfuce is the only strategic and collaborative issuer processor partner that visionary leaders need to drive transformative business growth and exceptional customer engagement.”

Denise Johansson, Co-Founder and Co-CEO of Enfuce, says: “Kvika Bank’s mission to foster competition, transform financial services in Iceland, and simplify customer finance are perfectly aligned with our own values. We share the same people-first ethos, a hunger for innovation, and a deep commitment to sustainability that is threaded through both of our organisations. 

“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. When businesses work with us, they can be confident of getting the very best strategic expertise, compliance strengths, and unmatched levels of customer support.”

Established in 2016 in Finland, Enfuce is the trusted partner for issuer processor solutions for more than 35 core clients. Key applications for Enfuce’s services include expense management, neobanks and fuel retailers, as well as providing corporate and consumer payment programmes and advanced spending controls. 

The latest partnership announcement underlines Enfuce’s rapidly accelerating growth momentum, following its €45 million in Series C funding that was secured from Vitruvian Partners, a global investment firm which supports ambitious, high-growth companies. Having secured several high-calibre partnerships across several industry verticals over the past 12 months, alongside several prestigious award wins, Enfuce is swiftly becoming the go-to partner for card issuance and embedded payments services in the B2B and B2C spaces.

About Enfuce 

Enfuce is an award-winning, trusted, and strategic partner for transformative, secure, compliant and globally scalable issuer processor card solutions. Powering payment partnerships that reimagine customer connection and engagement, Enfuce brings together the brightest minds and the best technology to create modular, flexible and cloud-based payment processing capabilities. 

Founded in 2016, Enfuce is a global company with teams in Finland, Germany, Sweden and the UK. Enfuce has an Electronic Money Institution (EMI) license from the Finnish FSA. Being the first financial service provider in the world to be PCI-DSS certified while running its service in the public cloud, Enfuce’s enterprise-grade modular platform and core payments processing engine provide 99.999% uptime, global scalability and card scheme connectivity. Enfuce supports debit, credit, prepaid, gift, fleet and fuel card programmes in any form – plastic, virtual and/or tokenised – for consumer, commercial and B2B applications, including integration with digital wallets. 

Enfuce, a female-founded fintech, has raised a total of €62 million in several funding rounds – including one of the highest investment rounds raised by a female-led business. Enfuce has been awarded with recognitions like the Visa Fintech Fast Track programme, Mastercard Lighthouse Development Programme, the 2019 PayTech Award for Best Payments solution for Payment Systems in the Cloud, and the 2022 FF Award for Mobile Payments.

About Kvika Bank

Kvika Bank is the parent company of the Kvika Group, a financial conglomerate with five main areas of operation – commercial banking, investment banking, asset management, insurance, and operations in the UK. Kvika Bank is an Icelandic commercial bank listed on the Main Market of Nasdaq Iceland. 

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