Supported by Enfuce’s 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 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 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.
Officials from Kvika said that 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 their innovative modular propositions.
Also commenting on the partnership, Enfuce’s representatives stated that with most of Aur customers’ daily banking and payment transactions carried out online, Enfuce will provide them with dynamic and progressive payment solutions.
Kvika bank said they are happy to launch their 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, as per the press release. It was vital for them to work with a strong technical partner to make their ambitions a reality. Finding this partner in Enfuce has made it possible for them to launch the hybrid Visa card, which combines a debit and credit product on the same digital card, available on Apple Pay and Google Pay.
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