Enfuce, a leading card issuing and payment processing solutions provider, recently partnered with Orka Ventures, a leading financial services provider in the Nordics and Central Europe, to launch Orka Card, a new consumer lending card and mobile app that challenges “Buy Now Pay Later” (BNPL) lending.
In order to introduce card services throughout its European markets, Orka Ventures will make use of Enfuce’s modular processing and compliance capabilities. Customers will now be able to combine their existing bank accounts into one card and app with the Orka Card’s new features.
Denise Johansson, Co-Founder, and Co-CEO of Enfuce said, “The Enfuce mission is to remove the complexity of payments and provide flexible payment solutions that enable our customers to grow and provide an excellent customer experience to their end-customers. We are confident that our partnership with Orka Ventures will deliver real value to consumers in the core markets of Iceland and the Nordic regions.”
Orka Card will also include a Pay Now Finance Later (PNFL) function to counter BNPL lending, allowing a consumer to opt to refinance a transaction that was initially carried out using other debit and credit cards. By connecting customer bank accounts and activating its PNFL feature, the Orka Card mobile app will offer open banking connections for the first time in Iceland.
“We chose Enfuce because of its excellent technical expertise, supportive team, and great attitude to problem-solving. Enfuce is now a part of our team, and our developers consistently give us feedback about how easy it is to integrate with Enfuce’s platform. It was also important to us to choose a partner that is willing to support the expansion of Orka Card into the Nordic markets as well as to work with us in Iceland – this is not common as it’s a small country with complicated regulations”, said Ondřej Šmakal, CEO of Orka Ventures.