Enfuce, Orka Ventures launch consumer lending offering

Enfuce, Orka Ventures launch consumer lending offering

Cloud-native issuer processor Enfuce and Nordic-Czech-based fintech holding company Orka Ventures have launched a consumer lending offering.

 

Enfuce and Orka Ventures will launch Orka Card, a new consumer lending card and mobile app that aims to improve on the traditional process around Buy Now, Pay Later (BNPL) lending. 

So far, Orka Ventures has focused on providing web-based consumer loans. However, with Orka Ventures gaining a neobank licence, it will now leverage Enfuce’s modular processing and compliance capabilities to launch card services across its European markets. With these new capabilities, the Orka Card will enable customers to integrate their existing bank accounts in one card and app. 

The Orka Card will also incorporate Orka Ventures’ Pay Now, Finance Later (PNFL) programme, referring to the fact that a customer can choose to refinance a transaction that was originally executed through other debit and credit cards – a new take on BNPL lending. By allowing cardholders to repay a previously purchased item on a payment plan in fixed monthly instalments, Orka Ventures is facilitating financial literacy and financial health by reducing a borrower’s risk of overextension.

Debuting BNPL lending services in Iceland

The service will be available in Iceland for the first time, the Orka Card mobile app enabling Open Banking connections by integrating customers’ bank accounts and supporting its PNFL feature. In turn, this will allow Orka Ventures to gather dynamic data and a real-time understanding of its customers’ spending habits, income, and expenses data. 

According to the joint company press release, the new product will allow Orka Ventures to better understand its customers and to offer tailored loans to suit their needs and habits.

 

Cloud-native issuer processor Enfuce and Nordic-Czech-based fintech holding company Orka Ventures have launched a consumer lending offering.

Open Banking-enabled lending in the Nordics

Orka Ventures, which has been serving customers for over a decade from its home in Iceland, and has established separate brands in the Czech Republic, and Denmark, also selected Enfuce as a trusted partner in the Nordics to support its planned growth into that region. 

As well as its existing locations, Enfuce will work with Orka Ventures to launch Orka Card in Finland, Sweden, and Norway. With plans to rename its separate brands and offer products under the Orka Card brand name across Europe to more than 500,000 customers, Orka Ventures will benefit from Enfuce’s cloud-native agility, rapid onboarding speed and pan-European compliance expertise to launch products quickly, securely and cost-effectively. 

Enfuce’s cloud-native CaaS platform

The new partnership follows Enfuce’s bold entrance into the UK in July 2022, through the expansion of its cloud-native CaaS platform. In December 2021, Enfuce secured EUR 45 million in Series C funding from Vitruvian Partners, a global investment firm which is intent on supporting the most ambitious, high-growth companies. Enfuce is using the funding to kickstart its expansion across Europe and become the go-to payments partner for companies in every sector, as embedded finance opportunities open up to meet urgent consumer and business demand.

Enfuce offers an alternative to existing issuer processing platforms, with the capability of adding modules as and when needed, and a pricing model that works in tune with the scaling needs of companies such as Orka Ventures. Enfuce supports debit, credit, prepaid, gift, fleet and fuel card programmes in any form – plastic, digital and/or tokenised – for consumer, commercial and B2B applications, along with digital wallets. Reportedly the first company to fully move card issuing to the cloud, and with its turnkey service model, packaged BIN sponsoring, and all regulatory compliance taken care of, Enfuce is a one-stop shop for companies that want to issue cards to their customers.

Enfuce’s CaaS ensures banks, fintechs, financial institutions and non-bank brands can become and remain fully PSD2-compliant, with services that cover programme management, data reporting and analytics, BIN sponsorship, card issuing, and effortless regulatory KYC/AML and payment scheme compliance. 

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