Building on the growing Card-as-a-Service (CaaS) trend, Enfuce has partnered with Kvika Bank to enhance its payment services by launching a Visa credit card, integrating with Apple Pay and Google Pay, and revitalizing the bank’s Aur app.
Founded in 2002 as a fully licensed bank in Iceland, Kvika Bank acquired the Icelandic fintech company Aur in 2021 with the aim of providing mobile payments, consumer lending, and value-added services through the Aur app. The app boasts more than 30% active usage among the Icelandic population, and the collaboration between Enfuce and Kvika Bank is set to encourage card utilization.
Demand for Enfuce’s modular issuer processor solutions is rising sharply as banks, neobanks, and non-financial firms pursue embedded payment strategies to create enhanced payment experiences for their customers. Enfuce’s customizable technology stack is fully compliant and includes easily integratable APIs, as well as features for dispute and fraud management, authorization controls, and user-settable PINs.
Since its launch in 2016, Enfuce has been processing nearly €2 billion in transactions annually for over 16 million active users of debit, credit, and prepaid cards on its platform.
Sverrir Hreidarsson, head of fintech at Kvika Bank, expressed enthusiasm about launching new subscription-based services in collaboration with Enfuce. He stated, “Kvika is uniquely positioned to disrupt Icelandic banking, with a strong user base and market presence. Partnering with a robust technical provider like Enfuce is crucial to realizing our vision, enabling us to launch the first hybrid Visa card that combines debit and credit features on a single digital card available on Apple Pay and Google Pay.”
Monika Liikamaa, co-founder and co-CEO of Enfuce, remarked on the significance of this partnership in reshaping the financial landscape in Iceland. “Together, we are modernizing financial services with speed, security, and style. The launch of the Visa consumer credit card will enhance the Aur app, which serves over 100,000 users in Iceland, and supports Kvika’s commitment to innovative financial solutions.”
Denise Johansson, co-founder and co-CEO of Enfuce, emphasized the alignment of Kvika Bank’s mission with Enfuce’s values, stating, “Both of our organizations prioritize a people-first approach, a desire for innovation, and a commitment to sustainability. Enfuce will provide dynamic, best-in-class payment solutions for Aur’s customers, streamlining their financial interactions.”
This partnership follows Enfuce’s successful €45 million Series C funding round with investment firm Vitruvian Partners. Kvika Bank’s portfolio also includes other Icelandic financial brands such as the BNPL solution Netgiro, car loans from Lykill, insurance from TM, savings app Audur, and acquirer Straumur, which holds a 25% market share in Iceland.