Fellow Finance, the largest crowdfunding and peer-to-peer lending provider in the Nordics, has selected Enfuce, one of Europe’s leading payment companies, as its card issuing provider.
The partnership allows Fellow Finance to expand into card payments through a tailored Card as a Service offering.
Fellow Finance was founded in 2013 to meet soaring demand for smarter lending services. Through its automated platform, present in six different geographical markets, the company has facilitated over €700 million euros in crowdfunded loans between individuals, or between individuals and businesses – generating stable, above-market returns for loan investors.
As part of a strategic move into consumer payments, Fellow Finance chose Enfuce to deliver a modern turnkey card offering. Fellow Finance believes that mobile payments’ growth will accelerate in the future supporting the company’s growth in consumer financing. Within a matter of weeks, Enfuce’s payment and compliance experts are completing the otherwise time-consuming stages required for issuing *VISA cards, including key enablers like BIN sponsorship and card scheme integration.
The virtual cards enable Fellow Finance customers to pay online and in-store using Apple Pay and Google Pay digital wallets, with relevant card data available in the Fellow Finance App. A branded physical card will also be offered to those interested. To further boost the customer experience and loyalty, Fellow Finance plans to add an innovative cashback feature.
According to Juho Putkonen, Development Manager at Fellow Finance, “We at Fellow Finance have had two main objectives regarding the Credit Card product: create the best possible customer onboarding experience for the actual card and its mobile wallet and to create a truly rewarding reward program for our customers.”
“Fellow Finance is a pioneer in terms of creating customer value, so it’s exciting to support them on their journey to launch game-changing payment services. We look forward to growing together, and offering Fellow Finance customers seamless and enjoyable payments,” said Denise Johansson, Co-Founder at Enfuce.
Fellow Finance will launch its cards during this year, initially targeting customers in Finland. By integrating with Enfuce’s cloud-based infrastructure, card payments will be processed seamlessly regardless of geography or currency, which allows Fellow Finance to focus on its core lending business – and expansion in Europe.
Enfuce will also support Fellow Finance with everyday card operations – including risk and fraud monitoring, second-line support as well as card feature improvements through Enfuce’s easy-to-integrate API. The overall result is a flexible and future-proof card offering that matches Fellow Finance’s growth ambitions.
*Visa is a registered trademark of Visa International Service Association.