Enfuce, Síminn Pay to launch virtual credit card

Iceland-based Síminn Pay was founded in 2016 and has the goal of extending access to smart consumer services in the region, its ecosystem including food delivery and car parking, in addition to a Buy Now, Pay Later (BNPL) service under a standalone brand. By having selected Enfuce’s Card-as-a-Service, a one-stop shop for issuing scalable payment cards in a matter of weeks rather than months, Síminn Pay is looking to enable its extensive customer base to carry out seamless payments.

Additional details on what the partnership entails

Leveraging Enfuce’s offering, Síminn Pay is the first non-financial institution in Iceland to issue their own credit card, and it will be an entirely virtual revolving credit card, meaning that it will be issued and managed through the Síminn Pay app. When using the app, users are given the option of adjusting the sums of the invoices to be paid during each payment cycle.

Enfuce collaborated with Síminn Pay through the entire card issuing journey, orchestrating industry enablers of the likes of BIN Sponsorship and PCI-DSS compliance. Furthermore, the company’s Business Services enables Síminn Pay to outsource pivotal back-office services such as fraud and dispute management, and, to ensure a modern payment experience, the Iceland-based company can also add compatibility in an easy manner to leading mobile wallets through Enfuce.

With Síminn Pay looking to become a full-fledged fintech company and needing a partner that would help them enter the payments business, the company believes that by partnering up with Enfuce, they will be provided with everything that is needed for achieving their goal.

Finland-based fintech Enfuce has partnered with Síminn Pay, the fintech subsidiary of telco provider Síminn, to launch a virtual credit card tailored for the lifestyle app.

Speaking on the collaboration, Enfuce officials have stated that they aim to empower thousands of consumers in the region to benefit from easy and personalised payments, advising that by combining their strengths, they can help ensure that flexible, loyalty-based card payments become a natural part of their everyday lives. Furthermore, the company aims to help Síminn Pay accelerate its fintech offering by ensuring scalability, user experience, and security.

Síminn Pay representatives have added that with Enfuce’s Card-as-a-Service platform, the company does not need to worry about compliance demands or technical integrations, as Enfuce handles all aspects related to this, enabling the company to focus on product development and communicating with their customers, thus helping them launch in a fast manner and commit to delivering customer value through the card.

Enfuce company information

Enfuce is a one-stop shop for modern card issuing and payment processing, Founded in 2016, the company has raised a total of EUR 62 million in several funding rounds, and it delivers debit, prepaid, and credit card solutions across Europe and scaling globally, having offices in Finland, Germany, Latvia, Sweden, and the UK. By leveraging its card solutions, traditional banks, neobanks, and fintechs alike are enabled to create next-level payment experiences for their end users.