SEB Embedded teams up with Enfuce and Humla to launch Hemköp Matkonto card in Sweden
SEB Embedded, the Banking-as-a-Service (BaaS) division of corporate bank Skandinaviska Enskilda Banken (SEB), has partnered with issuer processor Enfuce to deliver a co-branded payment card for Swedish supermarket chain Hemköp.
SEB Embedded delivers Hemköp Matkonto card
The Hemköp Matkonto card uses Enfuce’s cloud-based payments infrastructure in conjunction with SEB Embedded’s BaaS platform, which incorporates financial services from Humla, a retail fintech that first partnered with SEB Embedded in 2022.
These services include joint accounts, budgeting tools, loyalty points, and card and account management features supported by a dedicated app.
Also utilised in the launch is Vault Core, the cloud-based core banking system of UK-based banking tech vendor Thought Machine, which has powered SEB Embedded since a partnership announced in November.
The Hemköp Matkonto offering arrives as the first live product produced through SEB Embedded’s three-way partnership with Enfurce and Humla, with Emelie Eriksson, head of SEB Embedded, hinting “more products” are “set for delivery”.
Bolstered by an €8 million funding round closed this time last year, Enfuce, based in Finland, has maintained a steady flow of issuance-focused partnerships throughout 2024.
UK-based banking services start-up Science Card tapped the vendor to launch e-accounts in August, while Lithuania’s Saldo Bank followed suit by introducing its first payment card programme through the platform the following month.
