Kvika Bank, an established fully licensed bank in Iceland since 2002, recently acquired Icelandic fintech Aur in 2021, aiming to offer mobile payments, consumer lending, and value-added services through the popular Aur app. With an impressive user base of over 30% of Iceland’s population actively using the Aur app, Kvika Bank and Enfuce will join forces to drive card usage incentives and enhance the overall customer experience.
The demand for Enfuce’s renowned modular issuer processor solutions is soaring, as banks, neobanks, and non-financial companies embrace embedded payments-driven growth strategies and strive to create cutting-edge payment experiences for their customers. Enfuce’s fully compliant and customizable tech stack offers seamless integration with easily accessible APIs, robust dispute management, fraud prevention tools, and value-added services, including authorization controls and PIN management features.
Since its inception in 2016, Enfuce has been processing nearly €2 billion worth of transactions annually for more than 16 million active debit, credit, and prepaid card users on its platform.
Sverrir Hreidarsson, Head of Fintech at Kvika Bank, expresses excitement about the partnership, stating, “We are thrilled to launch our new subscription-based services in collaboration with Enfuce. Kvika Bank holds a unique position to revolutionize Icelandic banking, boasting a strong user base and market presence. Partnering with a technologically advanced firm like Enfuce was crucial to realizing our ambitions. Through this partnership, we are proud to introduce the world’s first hybrid Visa card, combining debit and credit functionalities on a single digital card, compatible with Apple Pay and Google Pay.”
By teaming up with Enfuce, Kvika Bank aims to deliver innovative financial solutions, empowering customers with seamless payment options and leveraging the latest advancements in digital banking technology.
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