Enfuce and Kvika Bank partner to revolutionise payment services in Iceland


Finnish firm Enfuce is embarking on a ground-breaking partnership with Iceland’s eminent Kvika Bank.

Enfuce, lauded for its innovative Card-as-a-Service (CaaS) trend, and Kvika Bank, a stalwart in the Icelandic banking scene since 2002, are combining forces to reinvigorate the bank’s payment services, enhance the Aur app, and introduce a novel Visa credit card.

This strategic alliance’s objective is to leverage Enfuce’s award-winning issuer processor solutions to modernise Kvika Bank’s payment services, stimulate card usage and integrate with digital payment platforms like Apple Pay and Google Pay. The partnership aims to utilise the wide user base of the Aur app, an Icelandic FinTech tool acquired by Kvika Bank in 2021, now used actively by over 30% of the Icelandic population.

Founded in 2016, Enfuce is known for its fully compliant and customisable tech stack which offers a suite of features including easily integrated APIs, dispute and fraud management, authorisation controls, and more. The FinTech firm is presently processing almost €2bn transactions yearly, servicing more than 16m active debit, credit, and prepaid card users on its platform. On the other hand, Kvika Bank, aside from its popular Aur app, is recognised for its diverse financial services including mobile payments, consumer lending, and various value-added services.

Additional facets of this partnership highlight the planned release of the first hybrid Visa card. This innovative product, a blend of debit and credit capabilities on a single digital card, is expected to be accessible via Apple Pay and Google Pay. Furthermore, this alliance is set to capitalise on Enfuce’s recent €45m Series C funding secured from Vitruvian Partners.

Kvika Bank’s head of fintech, Sverrir Hreidarsson, has conveyed his optimism about the partnership, stating, “We are extremely excited to launch our new subscription-based services in partnership with Enfuce. 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.”

Enfuce’s co-founder and co-CEO, Monika Liikamaa, echoed these sentiments, stating, “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.” Co-founder and co-CEO Denise Johansson also commented, “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.”

Keep up with all the latest FinTech news here

Copyright © 2023 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.