Enfuce has been chosen by Iceland’s Kvika Bank to modernise its payment services, including the launch of a Visa consumer credit card, integration with Apple Pay and Google Pay, and the relaunch of the bank’s market-leading Aur app.
Powered by Enfuce’s award-winning 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.
Card-as-a-Service (CaaS) is gaining popularity as a way for banks and non-bank businesses to expand their customer bases and add financial services to their value propositions.
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 market-leading 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.
“Kvika is in a unique position to disrupt Icelandic banking, with a very strong user base and market presence,” says Sverrir Hreidarsson, Head of Fintech.
“It was vital for us to work with a strong technical partner to make our ambitions a reality. Finding this partner in Enfuce has made it possible for us 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.”
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