Finnish FinTech Enfuce has entered a collaboration with Visa aimed at supporting European FinTechs in launching their own payment card within eight weeks.
Founded in 2016, Enfuce provides payment and open banking services to banks, FinTechs, financial operators and merchants. The company’s platform allows FinTechs to design and launch flexible payment cards that are customisable and support the latest digital payment features such as Apple Pay and Google Pay. Enforce currently employs over 70 people in the Nordic region and has almost 10 million end-users of its platform.
According to Enfuce, this partnership will help FinTechs offer their customers physical and virtual payment cards without needing to spend months on the launch by hiring in-house experts for business processes mandated by card schemes and getting the required certifications. The collaboration will see Visa power the program with tokenised multicurrency bank identification numbers (BINs), which will allow Enfuce customers across Europe to launch and scale their prepaid and debit card products for both business and consumer customers.
Furthermore, FinTechs will be able to introduce their card products to market through a sped-up timeline and secure a direct advantage in comparison to having to obtain their own BIN.
Enfuce remarked that the program with Visa is a continuation of a close partnership between the two. The partnership started back in November 2020 when Visa chose Enfuce to participate in its Fintech Fast Track program.
Enfuce COO and co-founder Denise Johansson said, “Enabling card issuing for non-licensed FinTechs in only 8 weeks is groundbreaking. This opens new opportunities for them to offer a more seamless, fun, effortless and most of all secure customer experience in a scalable way.”
“Since we founded Enfuce, we’ve been looking for ways to change the payment industry. Collaboration is the key to success, and having Visa on board with us on this amazing offering is proof of great partnership between an industry giant and a startup”
Visa head of FinTech for the Nordics & Baltics Helene Podsadni Nilsson added, “We are thrilled to provide increased support and speed to market for the Fintech ecosystem. Collaborating with an enablement partner like Enfuce makes it possible for the Fintechs to build and launch their products effectively on Visa network and help them grow and scale their business in record time.”
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