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 over 30% of the Icelandic population being active users of the Aur app, Enfuce and Kvika Bank will collaborate to incentivise card usage. 

Demand for Enfuce’s award-winning modular issuer processor solutions is surging as banks, neobanks and non-financial companies embark on embedded payments-driven growth strategies, and create next-level payment experiences for their customers. Further, Enfuce’s fully compliant and customisable tech stack includes easily integrated APIs, dispute management, fraud management and value-added services including authorisation controls, and the ability for users to set and view PINs. 

Since launching in 2016, Enfuce is processing nearly €2 billion transactions annually for more than 16 million active debit, credit and prepaid card users on its platform. 

Sverrir Hreidarsson, head of fintech, Kvika Bank, says: “We are extremely excited to launch our new subscription based services in partnership with Enfuce. Kvika is in a unique position to disrupt Icelandic banking, with a very strong user base and market presence. 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.”

Monika Liikamaa, co-founder and co-CEO, Enfuce, continues: “It is exciting to be a part of Kvika Bank’s ambitions to reshape the Icelandic financial landscape. With this partnership, Enfuce and Kvika Bank are transforming financial services in Iceland, delivering them with speed, security and style, which is exactly what Enfuce is all about. Alongside the launch of the Visa consumer credit card, the Aur app currently has over 100,000 users in Iceland, and is a vital component in Kvika’s commitment to modernise financial services. Together with Enfuce, Kvika Bank will now be able to provide compelling and enjoyable payment experiences, and make everyday life flow for its customers with our innovative modular propositions. Enfuce is the only strategic and collaborative issuer processor partner that visionary leaders need to drive transformative business growth and exceptional customer engagement.”

Denise Johansson, co-founder and co-CEO, Enfuce, adds: “Kvika Bank’s mission to foster competition, transform financial services in Iceland, and simplify customer finance are perfectly aligned with our own values. We share the same people-first ethos, a hunger for innovation, and a deep commitment to sustainability that is threaded through both of our organisations. With most of Aur customers’ daily banking and payment transactions carried out online, Enfuce will provide them with the dynamic, best-in-class, progressive payment solutions available. Enfuce exists to relieve pain from payments and make life flow more easily, and our partnership with Kvika Bank underlines the strength of our proposition, and the scale of opportunities we are creating for like-minded partners. When businesses work with us, they can be confident of getting the very best strategic expertise, compliance strengths, and unmatched levels of customer support.”

This partnership follows Enfuce's €45 million in Series C funding that was secured from investment firm Vitruvian Partners. Alongside Aur, 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.