By: 6 June 2023

Enfuce and SEB Embedded will offer full card solution tech stack to SEB Embedded’s BaaS customers

SEB Embedded and Enfuce partner to launch card programmes

Sweden-based banking-as-a-service provider SEB Embedded has partnered with Enfuce, a card issuing and processing provider, to launch virtual and physical card programmes for its customers.

By selecting Enfuce, SEB Embedded, part of banking group SEB, will be able to add to its current offerings, and provide a full card solution tech stack to its customers.

These new services include exchange rate API, authorisation controls and the option for customers to change their pin.

The partnership will also allow clients to “tap into new revenue opportunities and unlock innovative new ways to expand their customer bases” by adding card-as-a-service (CaaS) and other financial services to their offerings.

Enfuce’s cloud-based platform offers an “agile alternative to existing issuer processing platforms”, with the ability to add modules and services when needed.

SEB Embedded currently serves customers in Sweden and is looking to expand across Europe.

Christoffer Malmer, chief executive officer of SEB Embedded, commented: “SEB Embedded was looking for a provider to help us get new products to market quickly and efficiently, including the extension of CaaS within BaaS.

“Together with Enfuce, SEB Embedded can take a completely fresh approach to delivering financial services to new customer segments and markets.”

Led by co-founders and co-chief executive officers, Monika Liikamaa and Denise Johansson, Enfuce is looking to expand and made a number of senior hires earlier in February to support its growth.

On the partnership, Liikamaa, said: “We’re incredibly excited about our partnership’s potential to deliver compelling embedded financial services, create revolutionary new use cases, smoother payment journeys, and vastly enhanced customer experiences.”

Johansson, added: “This partnership is a game-changer for banks and non-financial companies in Sweden. Offering card solutions traditionally required major investment, rigorous regulatory obligations and dependence on slow-moving core legacy systems.

“With SEB Embedded and Enfuce, clients have a unique opportunity to offer financial services without crossing the line of actually becoming a bank.

“We take care of BINs, licences, products, and compliance so that clients can focus on their customers.”

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Josh Poyser
Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.