Iceland’s Kvika Bank taps Enfuce to revamp its payment services
Iceland’s Kvika Bank has partnered up with Finnish card issuer and processor Enfuce to modernise its payment services.
Iceland’s Kvika Bank partners Enfuce
With Enfuce’s cloud payment solutions, Kvika Bank aims to offer its customers a range of card and mobile payment solutions. The bank plans to launch a Visa consumer credit card, enable integration with Apple Pay and Google Pay, and relaunch its banking app, Aur.
Founded in 2002, Kvika Bank is a fully licenced bank operating in Iceland. In 2021, it acquired Icelandic fintech firm Aur in a bid to offer mobile payments, consumer lending, and value-added services through the Aur app – which claims over 30% of Iceland’s population (over 100,000 people) as users.
Sverrir Hreidarsson, head of fintech at Kvika, says the bank is in a “unique position to disrupt Icelandic banking, with a very strong user base and market presence”.
Hreidarsson adds that partnering with Enfuce will allow the bank to launch “the first ever hybrid Visa card, which combines a debit and credit product on the same digital card, available on Apple Pay and Google Pay”.
Founded in 2016 and based in Finland, Enfuce claims to process nearly €2 billion worth of transactions annually for more than 16 million active debit, credit, and prepaid card users on its platform. Its solutions include expense management, corporate and consumer payment programmes, and spend controls.
