Nets extends Ikano Bank relationship to lending

European payment services provider Nets has secured a four-year contract from the international consumer finance bank, significantly extending their existing card processing relationship

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Nets extends Ikano Bank relationship to lending

Nets will provide a full-scale lending platform, issuer processing and related services  to Sweden-headquartered Ikano Bank following a competitive tender process.

The European payment services provider has secured a four-year contract from the international consumer finance bank, significantly extending their existing card processing relationship.

Under the terms of the contract, Nets will provide a full-scale lending platform to support Ikano Bank’s consumer finance services in all of the markets in which operates, which include the Nordics, UK, Germany, Poland and Austria.

Peter Axemo, head of products at Ikano Bank commented: “We chose to build on our existing relationship with Nets because it offers a simple, innovative and competitive solution that would support the evolving needs of our customers. Nets worked hard to tailor an end-to-end solution specifically to Ikano Bank’s needs.”

Torsten Hagen Jørgensen, chief executive officer of issuer and e-security services, added: “This expanded partnership is an important milestone for Nets’ expansion into Europe. By consolidating our range of services under an innovative commercial model we will enable Ikano Bank to grow in both existing and new geographies through utilising Nets’ modern, digital and open technologies.”

“Our goal is to help issuers like Ikano Bank refocus their valuable internal resources on core business objectives, unburdened by complexity and the weight of making it all work together.”

Nets is aiming to launch its first accounts and products for Ikano Bank’s customers in the autumn.

In January, the European payment services provider entered into a strategic partnership with Finnish fintech Bankify.

Under the terms of that partnership, Bankify’s customers will be able to use its services through Nets’s open banking platform.

Customers will also have easy access to Bankify’s portfolio of microservices via the platform.

In the same month, Nets acquired Finnish software developer Poplatek and payment terminal service provider Poplapay to boost its payment terminal service capabilities.